(2005), "Macroeconomic Effects of Nominal Exchange Rate Regimes: New Insights into the Role of Price Dynamics," Journal of International Money and Finance 24, 275-292.Kollmann, R. (2005), “Macroeconomics Effects of Nominal Exchange Rate Regimes: New Insights into the Role of Price Dynamics,...
let the foreign exchange market determine the exchange rate; let the market set the value of the exchange rate most of the time, but have the central bank sometimes intervene to prevent fluctuations that seem too large; have the central bank guarantee a specific exchange rate; or share a curr...
Exchange Rate Regime, Sovereign Debt and Crises286 10.2.5.1 European Debt Crisis287 View chapterExplore book Exchange Rate Regimes CristinaTerra, inPrinciples of International Finance and Open Economy Macroeconomics, 2015 This chapter introduces the differentexchange rate regimesand analyzes the factors that...
This literature is highly influenced by the seminal work of Meese and Rogoff, 1983a, Meese and Rogoff, 1983b, who first documented that empirical exchange rate models, based on conventional macroeconomic fundamentals suggested by international macroeconomics theory, cannot outperform a simple no-change...
Two mutually strengthening effects determine the response of import volumes to the exchange rate change. First, there is a one-off market structure effect: the increase in the number of foreign firms causes the market share of imports to rise by a given percentage whenever the currency ...
1)Exchange Rate Theory汇率理论 1.International Currency System and Development of Exchange Rate Theory;国际货币体系与汇率理论发展 2.The paper holds that the limitations of the current international exchange rate theory based on macroeconomics lie in its weak explanations in the amplification effect of ...
® CHAPTER 12 The Open Economy Revisited: The Mundell-Fleming Model and the Exchange-rate Regime A PowerPointTutorial To Accompany MACROECONOMICS, 6th. ed. N. Gregory Mankiw By Mannig J. Simidian Introducing… e Income, output, Y LM* IS* Equilibrium exchange rate Equilibrium income This ...
I. Introduction This paper offers a theory that incorporates the price rigidities essen- tial to explain exchange rate behavior without sacrificing the insights of the intertemporal approach to the current account. Until now, thinking on open-economy macroeconomics has been largely schizo- phrenic. ...
Given Switzerland’s advanced export structure, one might expect that its goods do not compete primarily based on price and hence that exchange rate changes would have a limited impact on exports. Employing Johansen maximum likelihood estimation and quarterly data over the 1989–2016 period, we find...
1. International Currency System and Development of Exchange Rate Theory; 国际货币体系与汇率理论发展2. The paper holds that the limitations of the current international exchange rate theory based on macroeconomics lie in its weak explanations in the amplification effect of dealing volume, the forward...