Essays on Stabilization Policies Under Flexible Exchange Rates
Author: Linda Sue Kole
Publisher:
Published: 1984
Total Pages: 428
ISBN-13:
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Author: Linda Sue Kole
Publisher:
Published: 1984
Total Pages: 428
ISBN-13:
DOWNLOAD EBOOKAuthor: Alejandro M. Werner
Publisher:
Published: 1994
Total Pages: 132
ISBN-13:
DOWNLOAD EBOOKAuthor: Assar Lindbeck
Publisher: North-Holland
Published: 1979
Total Pages: 358
ISBN-13:
DOWNLOAD EBOOKAuthor: Paula A. Tosini
Publisher: Princeton, N.J. : International Finance Section, Department of Economics, Princeton University
Published: 1977
Total Pages: 44
ISBN-13:
DOWNLOAD EBOOKAuthor: Stanley W. Black
Publisher: Princeton, N.J. : International Finance Section, Department of Economics, Princeton University
Published: 1976
Total Pages: 60
ISBN-13:
DOWNLOAD EBOOKAuthor: Mr.Guillermo Calvo
Publisher: International Monetary Fund
Published: 1990-11-01
Total Pages: 48
ISBN-13: 1451945582
DOWNLOAD EBOOKThis paper studies price stabilization policy under both predetermined and flexible exchange rates. Under predetermined exchange rates, a non-credible stabilization program results in an initial expansion of output, followed by a later recession. The initial expansion accompanies an appreciating real exchange rate. Under flexible exchange rates, the recession occurs at the beginning of the program. The real exchange rate appreciates sharply on impact but depreciates afterwards. Lack of credibility is more costly under predetermined exchange rates because the real effects are more pronounced.
Author: Harry G. Johnson
Publisher: Routledge
Published: 2013-07-18
Total Pages: 299
ISBN-13: 1134623917
DOWNLOAD EBOOKA sequel to Essays in Monetary Economics, this book develops the ideas on domestic and international monetary issues, with reference to specific events and crises of the 1960s and 70s. These essays are distinguished by the author’s expert grasp of the analytical techniques and contemporaneous policy problems of both domestic and international monetary economics.
Author: Nikolay Kirov Georgiev
Publisher:
Published: 2004
Total Pages: 66
ISBN-13:
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Publisher:
Published: 2004
Total Pages:
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DOWNLOAD EBOOKThis dissertation revisits the literature on the role of exchange rate flexibility in smoothing the adjustments of the economy to different disturbances. Recently, the role of flexible exchange rates in stabilizing the economy against real shocks has been challenged by the new open economy models, which build on some empirical regularities, such as the low pass-through from nominal exchange rates to import prices. We take three approaches in an attempt to enrich this literature. Firstly, we incorporate factors of production into welfare analyses of fully-specified general equilibrium models. We find flexible exchange rate regimes reduce terms of trade and consumption volatility for primary commodity economies, particularly oil-exporting. Secondly, in an empirical investigation, using a panel Vector Autoregressive Regression of nine of the OECD's major oil-importing countries and the Reinhart and Rogoff's de facto classification of exchange rate regimes, we find support for the hypothesis that flexible exchange regimes better absorb oil-price shocks. We also document feedback from the real effective exchange rate and inflation rate to the domestic-currency real oil price shocks, supporting the growing notion that oil price shocks are not purely exogenous to developed economies. Thirdly, in a micro-level empirical investigation, we find a significant improvement in estimating the degree of nominal exchange rate pass-through to import prices when the adjustment costs and the equilibrium degree of pass-through assumptions are considered. More specifically, using a vector threshold cointegration model, we find increases in both the initial reaction and the long-run equilibrium response of import prices to nominal exchange rate changes for five industries in 16 OECD countries, especially for the manufacturing industry.
Author: Assar Lindbeck
Publisher: Edward Elgar Publishing
Published: 1993
Total Pages: 360
ISBN-13:
DOWNLOAD EBOOKThe first volume in a two-volume set on macroeconomics, economic policy and the welfare state. This volume covers the development of the author's thought, illustrating how his experience of economic policy-making in Sweden has led him to form his current opinions.