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A Two-country Model with Asymmetric Phillips Curves and Intervention in the Foreign Exchange Market

Author: Michael J. Artis
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 44

Book Description

A Two-country Model with Asymmetric Phillips Curves and Intervention in the Foreign Exchange Market

Author: Michael J. Artis
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 44

Book Description

Toward an Integrated Policy Framework

Author: International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781513558769
Category : Business & Economics
Languages : en
Pages : 54

Book Description
Policymakers often face difficult tradeoffs in pursuing domestic and external stabilization objectives. The paper reflects staff’s work to advance the understanding of the policy options and tradeoffs available to policymakers in a systematic and analytical way. The paper recognizes that the optimal path of the IPF tools depends on structural characteristics and fiscal policies. The operational implications of IPF findings require careful consideration. Developing safeguards to minimize the risk of inappropriate use of IPF policies will be essential. Staff remains guided by the Fund’s Institutional View (IV) on the Liberalization and Management of Capital Flows.

Dominant Currency Paradigm: A New Model for Small Open Economies

Author: Camila Casas
Publisher: International Monetary Fund
ISBN: 1484330609
Category : Business & Economics
Languages : en
Pages : 62

Book Description
Most trade is invoiced in very few currencies. Despite this, the Mundell-Fleming benchmark and its variants focus on pricing in the producer’s currency or in local currency. We model instead a ‘dominant currency paradigm’ for small open economies characterized by three features: pricing in a dominant currency; pricing complementarities, and imported input use in production. Under this paradigm: (a) the terms-of-trade is stable; (b) dominant currency exchange rate pass-through into export and import prices is high regardless of destination or origin of goods; (c) exchange rate pass-through of non-dominant currencies is small; (d) expenditure switching occurs mostly via imports, driven by the dollar exchange rate while exports respond weakly, if at all; (e) strengthening of the dominant currency relative to non-dominant ones can negatively impact global trade; (f) optimal monetary policy targets deviations from the law of one price arising from dominant currency fluctuations, in addition to the inflation and output gap. Using data from Colombia we document strong support for the dominant currency paradigm.

An Intertemporal Version of Mundell's Two-country Flexible Exchange Rates Model with Disquilibrium Microfoundations

Author: Neil Rankin
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 44

Book Description

Exchange Rate Economics

Author: Ronald MacDonald
Publisher: Routledge
ISBN: 1134838220
Category : Foreign exchange
Languages : en
Pages : 334

Book Description
''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""

Exchange Rates and Policy Coordination in an Asymmetric Model

Author: Peter B. Kenen
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 56

Book Description

Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework

Author: Romain Lafarguette
Publisher: International Monetary Fund
ISBN: 1513569406
Category : Business & Economics
Languages : en
Pages : 33

Book Description
This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging solution for tail exchange rate risk in the market (i.e. high volatility). Market impairment or overshoot of exchange rate between two equilibria could generate high volatility and threaten financial stability due to unhedged exposure to exchange rate risk in the economy. The rule uses the concept of Value at Risk (VaR) to define FXI triggers. While it provides to the market a hedge against tail risk, the rule allows the exchange rate to smoothly adjust to new equilibria. In addition, the rule is budget neutral over the medium term, encourages a prudent risk management in the market, and is more resilient to speculative attacks than other rules, such as fixed-volatility rules. The empirical methodology is backtested on Banco Mexico’s FXIs data between 2008 and 2016.

European Monetary Unification

Author: Barry J. Eichengreen
Publisher: MIT Press
ISBN: 9780262050548
Category : Business & Economics
Languages : en
Pages : 374

Book Description
Whether EMU is feasible & desirable is contested among economists and politicians alike. The author of this text argues that the effects of monetary unification will depend on how it is structured & governed, & how quickly Europe's markets adapt.

Brazilian Debt

Author: Rudiger Dornbusch
Publisher:
ISBN:
Category : Brazil
Languages : en
Pages : 52

Book Description

Women's Wages in Full- and Part-time Jobs in Great Britain

Author: John Ermisch
Publisher:
ISBN:
Category : Part-time employment
Languages : en
Pages : 40

Book Description