Download or read book Exchange Rate Bands and Realignments in a Stationary Stochastic Setting written by Marcus Miller and published by . This book was released on 1989 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Rate Targets and Currency Bands written by Paul Krugman and published by Cambridge University Press. This book was released on 1992-10-22 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines the intersection between a new analytical approach and a real economic problem.
Download or read book Target Zones and Forward Rates in a Model with Repeated Realignments written by Mr.Leonardo Bartolini and published by International Monetary Fund. This book was released on 1992-03-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the implications of the imperfect credibility of an exchange rate target zone on the term structure of forward premia. The relationship between spot and forward exchange rates of different maturities reflects the possibility of repeated realignments of the exchange rate band. The credibility of the commitment to the target zone implicit in forward market data can be extracted by estimating the model. Application to French/German data indicates that the model is capable of matching observed patterns of interest rate differentials during the EMS, while yielding estimates of the credibility parameters that accord with the experience of the FF/DM exchange rate during the 1980s.
Download or read book Monetary and Fiscal Policy the Exchange Rate and Foreign Wealth written by Patrizio Tirelli and published by Springer. This book was released on 2016-07-27 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book investigates issues of policy design in open economies. The performance of simple alternative policy rules is analysed in the context of theoretical models using both analytical solutions and numerical simulations techniques. One of the substantive contributions of the research is that policy evaluation should take into account, among other things, the implications of different rules for foreign wealth and the exchange rate. Hence the open economy models presented in the book include wealth effects and the current account.
Download or read book Currency Bands Target Zones and Cash Limits written by Mr.Marcus Miller and published by International Monetary Fund. This book was released on 1990-02-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exchange rate behavior is analyzed in the context of a stochastic rational expectations model in which there are random shocks to the price setting mechanism and in which the authorities choose to impose either nominal or real exchange rate bands. Results are compared to those which emerge from a simple monetary model subject to velocity shocks. The effects of a realignment of the Band, and of fiscal policy used in conjunction with monetary policy to defend the band, are also examined.
Download or read book Stochastic Process Switching and Intervention in Exchange Rate Target Zones written by Axel A. Weber and published by . This book was released on 1991 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Modern Exchange rate Regimes Stabilisation Programmes and Co ordination of Macroeconomic Policies written by Maria Luiza Falcão Silva and published by Routledge. This book was released on 2018-08-17 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published in 1999, this work analyzes the phenomenon of macroeconomic adjustment, with special emphasis on selected Latin American countries facing stabilization programmes. It provides a historical description of the origins, functioning and collapse of exchange-rate regimes from the international classical gold standard period to modern arrangements. The author supports the argument that systemic asymmetries in the worldwide adjustment mechanism are inherent in the international monetary system. The recent theoretical literature dealing with the rules vs discretion debate and its interaction with the credibility issue is reviewed. This topic is intrinsically related to the dispute over the appropriate role of exchange-rate anchors in disinflation programmes. Against a background of academic dispute between advocates of exchange-rate prescriptions and monetary conceptions, the contrasting views of different theorists regarding the choice of exchange rate regimes are presented and assessed. Finally, a comparative analysis of recent experiments in Argentina, Brazil, Chile and Mexico with exchange-rate based disinflation stabilization programmes is undertaken. The problems that have arisen while establishing new institutional arrangements, such as new currency or a policy rule for monetary base creation, are examined.
Download or read book The Stochastic Properties of Exchange Rates and Related Asset Prices in the Presence of Bands Norms and Zones written by David O. Robinson and published by . This book was released on 1992 with total page 388 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Rate Bands with Price Inertia written by Marcus Miller and published by . This book was released on 1990 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Market written by Frank Hahn and published by Springer. This book was released on 1992-03-03 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: The virtues and failings of market economies are at present widely debated and the outcome of the debate is of practical importance. This book contains essays that address these issues of economic policy ranging from privatisation of industry and financial markets to education and the proposal for an internal market in the health service. Apart from two theoretical pieces, particular markets, and proposals for creating such markets, are studied. The contributors are distinguished specialists in their field of economics and their analysis offers important lessons for social and political philosophy and will generate considerable interest.
Download or read book Stochastic Devaluation Risk and the Empirical Fit of Target Zone Models written by Giuseppe Bertola and published by . This book was released on 1991 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a tractable and realistic nonlinear model of exchange rate dynamics, and argues that its predictions are consistent with available empirical evidence on exchange rate and interest differential behavior in real-life target zones. In our model, the exchange rate fluctuates between given boundaries for random lengths of time and jumps discretely when devaluations occur. We allow for stochastic variability in the likelihood and size of devaluations, and we provide explicit solutions for the stochastic processes followed by the exchange rate and by the expected rate of depreciation. The model produces realistic patterns of covariation between exchange rates and interest rate differentials, and provides interesting interpretations of available empirical evidence. We also specify how to infer devaluation risk from target zone data.
Download or read book Fundamental Equilibrium Exchange Rates for the G7 written by Ray Barrell and published by . This book was released on 1989 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Term Structure of Interest Rate Differentials in a Target Zone written by Lars E. O. Svensson and published by . This book was released on 1990 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The term structure of interest rate differentials is derived in a model of a small open economy with a target zone exchange rate regime. The target zone is modeled as a regulated Brownian motion. The interest rate differentials are computed as the solution to a parabolic partial differential equation with derivative boundary conditions, both via a Fourier-series analytical solution and via a direct numerical solution. Several specific properties of the term structure of interest rate differentials are derived. For instance, for given time to maturity the interest rate differential is decreasing in the exchange rate, and for given exchange rate the interest rate differential's absolute value and its instantaneous variability are both decreasing in the time to maturity. Devaluation/realignment risks are incorporated and imply upward shifts of the interest rate differentials. Some implications of the theory are found to be broadly consistent with data on Swedish exchange rates and interest differentials for the period 1986-1989.
Download or read book Structural Adjustment in European Retail Banking written by Damien J. Neven and published by . This book was released on 1989 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book IMF Working Paper written by and published by . This book was released on 1992 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International CAPM written by Stephen H. Thomas and published by . This book was released on 1989 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Trade Liberalisation and Shadow Prices in the Presence of Tariffs and Quotas written by J. Peter Neary and published by . This book was released on 1989 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
