We ask whether the markets expected the Swiss National Bank (SNB) to discontinue the 1.20 cap on the Swiss franc against the euro in January 2015. In the runup to the SNB announcement, neither options on the euro/Swiss franc nor FX liquidity indicated a significant shift in market expectations....

Die Dissertation untersucht drei verschiedene geld- bzw. fiskalpolitische Fragestellungen im Rahmen von geschätzten dynamischen stochastischen allgemeinen Gleichgewichtsmodellen (DSGE-Modellen). Zum einen wird mittels eines Markov-Regimewechsel-Modells analysiert, inwiefern sich die Geldpolitik...

Belarus experienced a sequence of currency crises during 2009-2014. Our empirical results, based on a structural econometric model, suggest that the activist wage policy and extensive state program lending (SPL) conflicted with the tightly managed exchange rate regime and suppressed monetary...

Cover -- Contents -- I. Introduction -- II. Stylized Facts -- A. Identifying U.S. Dollar Appreciating and Depreciating Cycles: Markov Switching -- B. Stylized Facts -- C. Event Analysis -- III. Theoretical Framework: a Sketch -- A. Supply Side -- B. Domestic Demand -- C. Market Clearing...

Should central banks intervene in currency markets? In theory, within a flexible system, central banks should leave the process of determining appropriate exchange rates to the currency markets. In practice, however, central banks have frequently intervened to 'manage' the exchange rates...

The paper first describes how the Czech National Bank (CNB) moved gradually from a fixed exchange rate regime to the frontiers of Inflation-Forecast Targeting. It then focuses on the CNB's recent experience in adding the exchange rate as a complementary monetary policy tool to stimulate the...

Im Januar 2015 verkündete die Schweizerische Nationalbank, dass die feste Bindung des Franken an den Euro aufgehoben sei und die Währung fortan frei schwanken solle. Dies brachte den Franken unter starken Aufwertungsdruck, wie er für Währungen von Ländern mit persistenten...

Cover -- Contents -- I. Introduction -- II. A Portfolio Model -- 2.1. The Demand for Assets -- 2.2. Equilibrium Conditions -- III. FX Intervention, Capital Controls, and the Policy Rate -- 3.1. Sterilized Intervention -- 3.2. Capital Controls -- 3.3. Policy Rate -- 3.4. Some Remarks on the...

Money is the game changer -- China's extraordinary, but still unfinished transformation -- A financially repressed economy -- China: a trading nation without an international currency -- Living with a 'dwarf' currency -- Creating an international currency -- Building a market for the renminbi --...

The end of the world's greatest autarky -- Confronting the competition: the limitations of trade policy -- Confronting the competition: how a strong dollar has hurt -- Investment: the winners and the losers from offshoring -- Helping the losers: the tragedy of trade adjustment assistance --...

Preface -- Financial stability: research framework and current theories -- Monetary policy and financial stability : from the perspective of financial accelerator -- Government's function and financial stability -- Real estate price fluctuation and financial stability -- China's financial...

Preface -- A historical prologue -- Currency concepts -- Capital account opening -- The exchange rate regime -- The RMB goes global -- Reserve currency -- The mirage of safety -- Could China stumble? -- Rising global influence -- Conclusion

Foreign trade -- Income and price effects in foreign trade / by Morris Goldstein and Mohsin S. Khan -- The supply and demand for exports : a simultaneous approach / by Morris Goldstein and Mohsin S. Khan -- Prices of tradable and nontradable goods in the demand for imports / by Morris Goldstein,...