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Displaying results 1 to 4 of 4.

  1. The exchange rate insulation puzzle
    Author: Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; Schmidt, Sebastian
    Published: [2021]
    Publisher:  University of Cambridge, Faculty of Economics, Cambridge

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VSP 1362
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Cambridge working paper in economics ; 2109
    Cambridge-INET working paper series ; 2021, 05
    Subjects: External shock; International spillovers; Exchange rate; Insulation; Monetary Policy; Dominant currency pricing; Effective lower bound
    Scope: 1 Online-Ressource (circa 82 Seiten), Illustrationen
  2. The exchange rate insulation puzzle
    Author: Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; Schmidt, Sebastian
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    We confront the notion that flexible rates insulate a country from external disturbances with new evidence on spillovers from euro-area shocks to neighboring countries. We find that in response to euro-area shocks, spillovers are not smaller, and... more

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    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
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    We confront the notion that flexible rates insulate a country from external disturbances with new evidence on spillovers from euro-area shocks to neighboring countries. We find that in response to euro-area shocks, spillovers are not smaller, and currency movements not significantly larger, in countries that float their currency, relative to those that peg to the euro - the insulation puzzle. Unconditionally, however, currency volatility is significantly higher for floaters. A state-of-the-art open-economy model can fit our conditional evidence on lack of insulation, provided monetary policy targets headline inflation, but only at the cost of missing the unconditional evidence on currency volatility.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289949170
    Other identifier:
    hdl: 10419/249903
    Series: Working paper series / European Central Bank ; no 2630 (December 2021)
    Subjects: Exchange-rate regime; Insulation; External shock; International spillovers,Exchange-rate disconnect
    Scope: 1 Online-Ressource (circa 101 Seiten), Illustrationen
  3. The exchange rate insulation puzzle
    Author: Corsetti, Giancarlo; Küster, Keith; Müller, Gernot J.; Schmidt, Sebastian
    Published: January 2021
    Publisher:  ECONtribute, Bonn

    The notion that flexible exchange rates insulate a country from foreign shocks is well grounded in theory, from the classics (Meade, 1951; Friedman 1953), to the more recent open economy literature (Obstfeld and Rogo, 2000). We confront it with new... more

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 711
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    The notion that flexible exchange rates insulate a country from foreign shocks is well grounded in theory, from the classics (Meade, 1951; Friedman 1953), to the more recent open economy literature (Obstfeld and Rogo, 2000). We confront it with new evidence from Europe. Specifically, we study how shocks that originate in the euro area spill over to its neighboring countries. We exploit the variation of the exchange rate regime across time and countries to assess whether the regime alters the spillovers: it does not-flexible exchange rates fail to provide insulation against euro area shocks. This result is robust across a number of specifications and holds up once we control for global financial conditions. We show that the workhorse open-economy model can account for the lack of insulation under a float, assuming that central banks respond to headline consumer price inflation. However, it remains puzzling that policy makers are ready to forego stabilization of economic activity to the extent we found in the data.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/228863
    Series: ECONtribute discussion paper ; no. 060
    Subjects: External shock; International spillovers; Exchange rate; Insulation; Monetary Policy; Dominant currency pricing; Effective lower bound
    Scope: 1 Online-Ressource (circa 82 Seiten), Illustrationen
  4. Central bank stabilisation policy when capital flows matter
    instruments, targets, and trade-offs
    Author: Guender, Alfred V.
    Published: [2024]
    Publisher:  Eesti Pank, Tallinn

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    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 565
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789916710180
    Other identifier:
    Series: Working paper series / Eesti Pank ; 2024, 3
    Subjects: Instruments; Target Rules; Trade-offs; Capital Flows; Optimal Policy; Welfare; Insulation
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen