Exchange Rates And Policy Coordination In An Asymmetric Model PDF Download
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Author | : Peter B. Kenen |
Publisher | : |
Total Pages | : 56 |
Release | : 1988 |
Genre | : Foreign exchange |
ISBN | : |
Download Exchange Rates and Policy Coordination in an Asymmetric Model Book in PDF, ePub and Kindle
Author | : Peter B. Kenen |
Publisher | : Manchester University Press |
Total Pages | : 136 |
Release | : 1989 |
Genre | : Business & Economics |
ISBN | : 9780719030390 |
Download Exchange Rates and Policy Coordination Book in PDF, ePub and Kindle
Author | : Yaman Aşıkoğlu |
Publisher | : |
Total Pages | : 127 |
Release | : 1999 |
Genre | : Europe |
ISBN | : 9789756951262 |
Download Macroeconomic Asymmetries and Policy Interdependence Between Europe and the United States Book in PDF, ePub and Kindle
Author | : Daniel Cohen |
Publisher | : |
Total Pages | : 38 |
Release | : 1990 |
Genre | : Commerce |
ISBN | : |
Download Price and Trade Effects of Exchange Rate Fluctuations and the Design of Policy Coordination Book in PDF, ePub and Kindle
Author | : Naohiro Yashiro |
Publisher | : |
Total Pages | : 48 |
Release | : 1987 |
Genre | : |
ISBN | : |
Download Exchange Rate Adjustment and Macroeconomic Policy Coordination Book in PDF, ePub and Kindle
Author | : Peter Bain Kenen (Wirtschaftswissenschaftler) |
Publisher | : |
Total Pages | : 130 |
Release | : 1987 |
Genre | : |
ISBN | : |
Download Exchange Rates and Policy Coordination Book in PDF, ePub and Kindle
Author | : William H. Branson |
Publisher | : University of Chicago Press |
Total Pages | : 396 |
Release | : 2007-12-01 |
Genre | : Reference |
ISBN | : 0226071383 |
Download International Policy Coordination and Exchange Rate Fluctuations Book in PDF, ePub and Kindle
Since the five largest industrial democracies concluded the Plaza Agreement in 1985, the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies. In these papers and comments, prominent international economists consider past and present interpretations of the meaning of international policy coordination; conditions necessary for coordination to be beneficial both to the direct participants and the global economy; influential factors for the quantitative impact of coordination; obstacles to coordination; the most—and least—effective methods of coordination; and future directions of the coordination process, including processes associated with greater fixity of exchange rates. These studies will be readily accessible to policymakers, while offering sophisticated analyses to interested scholars of the global economy.
Author | : Richard C. Marston |
Publisher | : University of Chicago Press |
Total Pages | : 332 |
Release | : 2008-04-15 |
Genre | : Business & Economics |
ISBN | : 0226507254 |
Download Misalignment of Exchange Rates Book in PDF, ePub and Kindle
Economists writing on flexible exchange rates in the 1960s foresaw neither the magnitude nor the persistence of the changes in real exchange rates that have occurred in the last fifteen years. Unexpectedly large movements in relative prices have lead to sharp changes in exports and imports, disrupting normal trading relations and causing shifts in employment and output. Many of the largest changes are not equilibrium adjustments to real disturbances but represent instead sustained departures from long-run equilibrium levels, with real exchange rates remaining "misaligned" for years at a time. Contributors to Misalignment of Exchange Rates address a series of questions about misalignment. Several papers investigate the causes of misalignment and the extent to which observed movements in real exchange rates can be attributed to misalignment. These studies are conducted both empirically, through the experiences of the United States, Great Britain, Japan, and the countries of the European Monetary System, and theoretically, through models of imperfect competition. Attention is then turned to the effects of misalignment, especially on employment and production, and to detailed estimates of the effects of changes in exchange rates on several industries, including the U.S. auto industry. In response to the contention that there is significant "hysteresis" in the adjustment of employment and production to changes in exchange rates, contributors also attempt to determine whether the effects of misalignment can be reversed once exchange rates return to earlier levels. Finally, the issue of how to avoid—or at least control—misalignment through macroeconomic policy is confronted.
Author | : Richard H. Clarida |
Publisher | : |
Total Pages | : 26 |
Release | : 2017 |
Genre | : Foreign exchange rates |
ISBN | : |
Download The Global Factor in Neutral Policy Rates Book in PDF, ePub and Kindle
This paper highlights some of the theoretical and practical implications for monetary policy and exchange rates that derive specifically from the presence of a global general equilibrium factor embedded in neutral real policy rates in open economies. Using a standard two country DSGE model, we derive a structural decomposition in which the nominal exchange rate is a function of the expected present value of future neutral real interest rate differentials plus a business cycle factor and a PPP factor. Country specific "r*" shocks in general require optimal monetary policy to pass these through to the policy rate, but such shocks will also have exchange rate implications, with an expected decline in the path of the real neutral policy rate reflected in a depreciation of the nominal exchange rate. We document a novel empirical regularity between the equilibrium error in the VECM representation of the empirical Holston Laubach Williams (2017) four country r* model and the value of the nominal trade weighted dollar. In fact, the correlation between the dollar and the 12 quarter lag of the HLW equilibrium error is estimated to be 0.7. Global shocks to r* under optimal policy require no exchange rate adjustment because passing though r* shocks to policy rates "does all the work' of maintaining global equilibrium. We also study a richer model with international spill overs so that in theory there can be gains to international policy cooperation. In this richer model we obtain a similar decomposition for the nominal exchange rate, but with the added feature that r* in each country is a function global productivity and business cycle factors even if these factors are themselves independent across countries. We argue that in practice, there could well be significant costs to central bank communication and credibility under a regime formal policy cooperation, but that gains to policy coordination could be substantial given that r*'s are unobserved but are correlated across countries.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 1998-03-01 |
Genre | : Business & Economics |
ISBN | : 1451844239 |
Download Coordination of Monetary and Fiscal Policies Book in PDF, ePub and Kindle
Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.