Exchange Rate Determination Under Imperfect Asset Substitutability
Author | : Jane Chuang Yao |
Publisher | : |
Total Pages | : 386 |
Release | : 1983 |
Genre | : Foreign exchange |
ISBN | : |
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Author | : Jane Chuang Yao |
Publisher | : |
Total Pages | : 386 |
Release | : 1983 |
Genre | : Foreign exchange |
ISBN | : |
Author | : Fondo Monetario Internacional |
Publisher | : |
Total Pages | : 20 |
Release | : 1993 |
Genre | : |
ISBN | : |
Author | : Fidelina B. Natividad |
Publisher | : |
Total Pages | : 28 |
Release | : 1988 |
Genre | : Exchange |
ISBN | : |
Author | : Mr.José Saúl Lizondo |
Publisher | : International Monetary Fund |
Total Pages | : 30 |
Release | : 1993-04-01 |
Genre | : Business & Economics |
ISBN | : 1451845626 |
This paper presents a model of an economy that uses nominal exchange rate policy to keep the real exchange rate constant at a certain target level, under imperfect asset substitutability. The paper discusses the determinants of inflation under such a policy, and examines the consequences of exogenous and policy-induced shocks on inflation, the external accounts, and the fiscal accounts. The shocks considered include changes in the real exchange rate target, changes in fiscal policy, changes in foreign interest rates, and open market sales of public sector domestic bonds.
Author | : John F. Bilson |
Publisher | : University of Chicago Press |
Total Pages | : 542 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226050998 |
This volume grew out of a National Bureau of Economic Research conference on exchange rates held in Bellagio, Italy, in 1982. In it, the world's most respected international monetary economists discuss three significant new views on the economics of exchange rates - Rudiger Dornbusch's overshooting model, Jacob Frenkel's and Michael Mussa's asset market variants, and Pentti Kouri's current account/portfolio approach. Their papers test these views with evidence from empirical studies and analyze a number of exchange rate policies in use today, including those of the European Monetary System.
Author | : Jeffrey A. Frankel |
Publisher | : University of Chicago Press |
Total Pages | : 358 |
Release | : 2009-05-15 |
Genre | : Business & Economics |
ISBN | : 0226260232 |
The foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people trade foreign exchange. At the same time, they fail to explain the short-run determinants of the exchange rate. These nine innovative essays use a microstructure approach to analyze the workings of the foreign exchange market, with special emphasis on institutional aspects and the actual behavior of market participants. They examine the volume of transactions, heterogeneity of traders, the time of day and location of trading, the bid-ask spread, and the high level of exchange rate volatility that has puzzled many observers. They also consider the structure of the market, including such issues as nontransparency, asymmetric information, liquidity trading, the use of automated brokers, the relationship between spot and derivative markets, and the importance of systemic risk in the market. This timely volume will be essential reading for anyone interested in the economics of international finance.
Author | : Ronald MacDonald |
Publisher | : Routledge |
Total Pages | : 334 |
Release | : 2005 |
Genre | : Foreign exchange |
ISBN | : 1134838220 |
''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""
Author | : Mr.Marco Airaudo |
Publisher | : International Monetary Fund |
Total Pages | : 65 |
Release | : 2016-03-08 |
Genre | : Business & Economics |
ISBN | : 1475523165 |
We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Author | : Andreas Steiner |
Publisher | : Elsevier |
Total Pages | : 206 |
Release | : 2016-07-25 |
Genre | : Business & Economics |
ISBN | : 0128104031 |
Global Imbalances, Financial Crises, and Central Bank Policies assesses the relationships between global imbalances, financial crises, and central bank policies, with a specific focus on their reserves. The book contains a strictly international perspective with an analysis based on empirical research that enables the reader to develop an analytical model that emphasizes interactions among individual central banks. With this innovative approach, the book develops a new method for defining an optimal demand for reserves. In addition, the book describes implications for financial reforms that might ultimately be more important than its empirical findings. Presents a systematic account of the relationship between the build-up of reserves and central bank policies Emphasizes a global view of currency reserves, which is usually ignored in analyses of their effect Includes datasets as well as all illustrations and figures in online ancillary materials