Haircuts Or Hysteresis? PDF Download

Author: John H. Rogers
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 90

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Book Description

Author: Ronald MacDonald
Publisher: Psychology Press
ISBN: 0415125510
Category : Foreign exchange
Languages : en
Pages : 465

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Book Description
This book examines the influence of fiscal policy on exchange rates, recent development in the econometric modelling of exchange rates, and exchange rate modelling for developing countries.

Author: David C. Parsley
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 38

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Book Description
Crossing national borders, adds significantly to price dispersion. This study of prices in Japan and the United States finds that a susbstantial part of that border effect is attributable to distance, shipping costs, exchange rates, and relative variability in wages.

Author: Paul de Grauwe
Publisher: MIT Press
ISBN: 9780262042222
Category : Business & Economics
Languages : en
Pages : 374

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Book Description
Discussions of the different theoretical and empirical paradigms for setting and predicting exchange rates.

Author: Mr.Ronald MacDonald
Publisher: International Monetary Fund
ISBN: 1451921675
Category : Business & Economics
Languages : en
Pages : 54

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Book Description
This paper presents a reduced-form model of the real exchange rate. Using multilateral cointegration methods, the model is implemented for the real effective exchange rates of the dollar, the mark, and the yen, over the period 1974-1993. In contrast to much other research using real exchange rates, there is evidence of significant and sensible long-run relationships for a simplified version as well as for the full version of the model. The estimated long-run relationships are used to produce dynamic equations, which outperform a random walk and produce sensible dynamic patterns in the context of an impulse response analysis.

Author: Mr.Bankim Chadha
Publisher: International Monetary Fund
ISBN: 1451855338
Category : Business & Economics
Languages : en
Pages : 34

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Book Description
This paper analyzes the relationship between the real exchange rate and the business cycle in Japan during the floating rate period. A structural vector autoregression is used to identify different types of macroeconomic shocks that determine fluctuations in aggregate output and the real exchange rate. Relative nominal and real demand shocks are found to be the main determinants of variation in real exchange rate changes, while relative output growth is driven primarily by supply shocks. Historical decompositions suggest that the sharp appreciations of the yen in 1993 and 1995 and its subsequent depreciation can be attributed primarily to relative nominal shocks.

Author: Kurt Dopfer
Publisher: Edward Elgar Publishing
ISBN: 9781845428020
Category : Business & Economics
Languages : en
Pages : 376

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Book Description
This book focuses on the emerging field of evolutionary economic policy, highlighting the interface between the state, markets, and the evolutionary complexity of modern economies. The contributors explore the possibilities and limitations of governance, and provide a unique platform for the advancement of modern evolutionary economic theory.

Author: Jeffrey A. Frankel
Publisher: University of Chicago Press
ISBN: 0226260224
Category : Business & Economics
Languages : en
Pages : 295

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Book Description
Regional economic arrangements such as free trade areas (FTAs), customs unions, and currency blocs, have become increasingly prevalent in the world economy. Both pervasive and controversial, regionalization has some economists optimistic about the opportunities it creates and others fearful that it may corrupt fragile efforts to encourage global free trade. Including both empirical and theoretical studies, this volume addresses several important questions: Why do countries adopt FTAs and other regional trading arrangements? To what extent have existing regional arrangements actually affected patterns of trade? What are the welfare effects of such arrangements? Several chapters explore the economic effects of regional arrangements on patterns of trade, either on price differentials or via the gravity model on bilateral trade flows. In addition, this book examines the theoretical foundation of the gravity model. Making extensive use of the gravity model of bilateral trade, several chapters explore the economic effects of regional arrangements. In addition, this book examines the theoretical foundation of the gravity model.

Author: Ronald MacDonald
Publisher: Springer Science & Business Media
ISBN: 9401144117
Category : Business & Economics
Languages : en
Pages : 353

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Book Description
How successful is PPP, and its extension in the monetary model, as a measure of the equilibrium exchange rate? What are the determinants and dynamics of equilibrium real exchange rates? How can misalignments be measured, and what are their causes? What are the effects of specific policies upon the equilibrium exchange rate? The answers to these questions are important to academic theorists, policymakers, international bankers and investment fund managers. This volume encompasses all of the competing views of equilibrium exchange rate determination, from PPP, through other reduced form models, to the macroeconomic balance approach. This volume is essentially empirical: what do we know about exchange rates? The different econometric and theoretical approaches taken by the various authors in this volume lead to mutually consistent conclusions. This consistency gives us confidence that significant progress has been made in understanding what are the fundamental determinants of exchange rates and what are the forces operating to bring them back in line with the fundamentals.

Author: Lucio Sarno
Publisher: Cambridge University Press
ISBN: 1139435043
Category : Business & Economics
Languages : en
Pages : 334

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Book Description
In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.