A Model of European Monetary Interdependence Under Alternative Exchange Rate Regimes
Author : Paul De Grauwe
Publisher :
Page : 46 pages
File Size : 33,1 MB
Release : 1976
Category :
ISBN :
Author : Paul De Grauwe
Publisher :
Page : 46 pages
File Size : 33,1 MB
Release : 1976
Category :
ISBN :
Author : Frederick van der Ploeg
Publisher :
Page : 40 pages
File Size : 33,49 MB
Release : 1989
Category : Commerce
ISBN :
Author : Alasdair Smith
Publisher :
Page : 0 pages
File Size : 21,41 MB
Release : 1989
Category :
ISBN :
Author : Frederick van der Ploeg
Publisher :
Page : 20 pages
File Size : 49,68 MB
Release : 1989
Category : Foreign exchange
ISBN :
Author : Nouriel Roubini
Publisher :
Page : 64 pages
File Size : 31,79 MB
Release : 1989
Category : Economic policy
ISBN :
To assess the importance of economic interdependence and the potential gains from policy coordination in the European area, this paper analyzes the international transmission of policies and disturbances in a rational expectation dynamic general equilibrium simulation model of the work economy, and applies the analysis to the study of the European Monetary System. International spillover effects and potential gains from coordination appear to be small under the assumption of flexible exchange rates in the European area. The implications of a fixed rate EMS with German leadership are compared with those of a cooperative fixed exchange rate regime. Finally, capital controls under fixed rates fails to insure policy autonomy and insulation from external disturbances for the countries restricting the capital movements.
Author :
Publisher :
Page : 23 pages
File Size : 18,11 MB
Release : 1989
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Author : Michael Emerson
Publisher :
Page : 356 pages
File Size : 36,64 MB
Release : 1992
Category : Business & Economics
ISBN : 9780198773245
The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.
Author : Fabio M. Natalucci
Publisher :
Page : 47 pages
File Size : 39,77 MB
Release : 2002
Category : Foreign exchange administration
ISBN :
Author : Camila Casas
Publisher : International Monetary Fund
Page : 62 pages
File Size : 31,69 MB
Release : 2017-11-22
Category : Business & Economics
ISBN : 1484330609
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.
Author : Michael W. Klein
Publisher : MIT Press
Page : 267 pages
File Size : 35,19 MB
Release : 2012-08-24
Category : Business & Economics
ISBN : 0262258331
An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The exchange rate is sometimes called the most important price in a highly globalized world. A country's choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. In this book, two leading economists examine the operation and consequences of exchange rate regimes in an era of increasing international interdependence. Michael Klein and Jay Shambaugh focus on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945–72 and the pre-World War I gold standard era. Klein and Shambaugh offer a comprehensive, integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.