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Displaying results 1 to 16 of 16.

  1. Default risk, sectoral reallocation, and persistent recessions
    Author: Arellano, Cristina; Bai, Yan; Mihalache, Gabriel
    Published: January 15, 2018
    Publisher:  Department of Economics, Stony Brook University, Stony Brook, NY

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Language: English
    Media type: Book
    Format: Online
    Series: Departmental working papers / Stony Brook University, College of Arts & Sciences, Department of Economics ; 17-10
    Subjects: European debt crisis; traded and nontraded production; real exchange rate; capital accumulation; sovereign default with production economy
    Scope: 1 Online-Ressource (circa 41 Seiten)
  2. A simple model of internal and external balance for resource-rich developing countries
    Author: Davies, Martin; Schröder, Marcel
    Published: [2022]
    Publisher:  Asian Development Bank, Metro Manila, Philippines

    We present a simple model of internal and external balance that incorporates the key features of resource-rich developing countries (RRDCs). The main result is that "government take", which is the ratio of fiscal resource revenue to resource output,... more

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    We present a simple model of internal and external balance that incorporates the key features of resource-rich developing countries (RRDCs). The main result is that "government take", which is the ratio of fiscal resource revenue to resource output, is a key determinant of the equilibrium real exchange rate (RER) in RRDCs. In examining the case of Papua New Guinea, which has grappled with foreign exchange restrictions since 2015, we find that about half of the RER overvaluation estimated at 26% in 2019 would disappear if the current low level of government take was to be lifted to its longterm average. The analysis has two key takeaways for RRDCs. First, changes in the government take require adjustments to the RER and fiscal policy to maintain internal and external balance. Second, economic adjustments to falls in the take are difficult; therefore policies that seek to stabilize the take over time to promote macroeconomic stability are recommended.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/264376
    Series: ADB economics working paper series ; no. 660 (May 2022)
    Subjects: government take; internal and external balance; real exchange rate; resource-rich developing countries; resource taxation
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  3. In search of dominant drivers of the real exchange rate
    Author: Miyamoto, Wataru; Nguyen, Thuy Lan; Oh, Hyunseung
    Published: [2023]
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Source: Union catalogues
    Language: English
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    Series: International finance discussion papers ; number 1373 (March 2023)
    Subjects: real exchange rate; international business cycles; uncovered interest parity
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  4. The impact of the real exchange rate changes on export performance in Tanzania and Ethiopia
    Author: Wondemu, Kifle; Potts, David
    Published: [2016]
    Publisher:  African Development Bank, Abidjan

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    Max-Planck-Institut für ausländisches öffentliches Recht und Völkerrecht, Bibliothek
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    Series: Working paper series / African Development Bank Group ; no. 240 (August 2016)
    Subjects: real exchange rate; undervaluation; export; diversification; Ethiopia; Tanzania
    Scope: 1 Online-Ressource (37 Seiten), Illustrationen
    Notes:

    Gesehen am 09.12.2016
  5. The trade/GDP ratio as a measure of openness
    Author: Bleaney, Michael F.; Tian, Mo
    Published: [2022]
    Publisher:  University of Nottingham, GEP, [Nottingham]

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    Media type: Book
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    Series: Array ; research paper 2022, 1
    Subjects: trade openness; real exchange rate; commodity prices; investment
    Scope: 1 Online-Ressource (circa 23 Seiten), Illustrationen
  6. In search of dominant drivers of the real exchange rate
    Author: Miyamoto, Wataru; Nguyen, Thuy Lan; Oh, Hyunseung
    Published: [2022]
    Publisher:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

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    Series: Working papers series / Federal Reserve Bank of San Francisco ; 2022, 09 (April 2022)
    Subjects: real exchange rate; international business cycles; uncovered interest parity
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  7. Exchange rate pass-through, monetary policy, and real exchange rates
    Iceland and the 2008 crisis
    Author: Edwards, Sebastian; Cabezas, Luis
    Published: [2021]
    Publisher:  Central Bank of Iceland, [Reykjavík]

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    Series: Working paper / Central Bank of Iceland ; 85 (2021)
    Subjects: Exchange rates; pass-through; inflation; monetary policy; real exchange rate
    Scope: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  8. Structural change ramififications of consumer credit expansion in a two sector growth model
    Author: Uğurlu, Esra Nur
    Published: 2021
    Publisher:  University of Massachusetts Amherst, Amherst

    This paper analyzes the structural change implications of consumer credit expansions in a dual-sector open economy growth model. Policy-induced increases in banks' willingness and ability to lend result in new consumer lending, boosting consumption... more

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    This paper analyzes the structural change implications of consumer credit expansions in a dual-sector open economy growth model. Policy-induced increases in banks' willingness and ability to lend result in new consumer lending, boosting consumption demand and average wages in the nontradable sector. Under the assumptions of fixed relative wages and mark-up pricing, wage pressures translate into in ationary pressures. The central bank, acting under the sole target of controlling in ation, raises the interest rate to contain in ationary pressures. This intervention causes a real exchange rate appreciation, followed by a loss of international competitiveness in the tradable sector. This way, the model illustrates that consumer credit expansions can trigger premature deindustrialization, shifting sectoral structure in favor of the nontradable sector. The formal model is inspired by the Turkish economy that experienced a notable expansion of consumer credit between 2002-2013.

     
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    Source: Union catalogues
    Language: English
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    Other identifier:
    hdl: 10419/238162
    Series: Economics Department working paper series ; 2021, 14
    Subjects: Consumer credit; structural change; economic growth; inflation targeting; real exchange rate
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  9. Questioning the puzzle
    fiscal policy, real exchange rate and inflation
    Author: Ferrara, Laurent; Metelli, Luca; Natoli, Filippo; Siena, Daniele
    Published: March 2021
    Publisher:  Australian National University, Crawford School of Public Policy, Centre for Applied Macroeconomic Analysis, Canberra

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    Source: Union catalogues
    Language: English
    Media type: Book
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    Series: CAMA working paper ; 2021, 38 (April 2021)
    Subjects: Fiscal shocks; real exchange rate; inflation; proxy-SVAR; narrative shocks
    Scope: 1 Online-Ressource (circa Seiten), Illustrationen
  10. Mr. Keynes meets the classics
    government spending and the real exchange rate
    Author: Born, Benjamin; D'Ascanio, Francesco; Müller, Gernot J.; Pfeifer, Johannes
    Published: May 2021
    Publisher:  ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Munich, Germany

    In economies with fixed exchange rates, the adjustment to government spending shocks is asymmetric. A fiscal expansion appreciates the real exchange rate but does not stimulate output. A fiscal contraction does not alter the exchange rate, but lowers... more

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    In economies with fixed exchange rates, the adjustment to government spending shocks is asymmetric. A fiscal expansion appreciates the real exchange rate but does not stimulate output. A fiscal contraction does not alter the exchange rate, but lowers output. We develop these insights in a two-sector model of a small open economy with downward nominal wage rigidity. We establish new empirical evidence that supports the predictions of the model along several dimensions: not only does the exchange rate regime shape the fiscal transmission mechanism as predicted by the model - in doing so it also interacts with economic slack and inflation.

     
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    hdl: 10419/235239
    Series: Ifo working papers ; 352 (2021)
    Subjects: Downward nominal wage rigidity; government spending shocks; exchangerate peg; real exchange rate; nonlinear effects; asymmetric adjustment; depreciation bias
    Scope: 1 Online-Ressource (circa 77 Seiten), Illustrationen
  11. Sterilization in Botswana
    cost, sustainability and efficiency
    Author: Mannathoko, Ita
    Published: November 2020
    Publisher:  African Economic Research Consortium, Nairobi, Kenya

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    Media type: Ebook
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    ISBN: 9789966610980
    Series: Research paper / African Economic Research Consortium ; 403
    Subjects: Monetary policy; sterilization; capital flows; autonomy; inflation; realinterest rate differential; real exchange rate
    Scope: 1 Online-Ressource (circa 73 Seiten), Illustrationen
  12. Sovereign capital, external balance,and the Investment-Based-Balassa-Samuelson effect in a global dynamic equilibrium
    Author: Derviz, Alexis
    Published: 2020
    Publisher:  Czech National Bank, Economic Research Department, Praha

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    Series: Working paper series / Czech National Bank ; 2020, 4
    Subjects: Capital; dynamic optimizatio n; real exchange rate; sovereignty; tradability
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  13. Real exchange rates and the earnings of immigrants
    Author: Dustmann, Christian; Ku, Hyejin; Surovtseva, Tetyana
    Published: [2021]
    Publisher:  Centre for Research and Analysis of Migration, Department of Economics, University College London, London

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    Fachinformationsverbund Internationale Beziehungen und Länderkunde
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    Stiftung Wissenschaft und Politik (SWP), Bibliothek
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    Series: Discussion paper series / Centre for Research and Analysis of Migration ; CDP 21, 10
    Subjects: Internationale Organisation; Erweiterung; Arbeitnehmer; Migration; Beschäftigung; Arbeit; Zuwanderer; Einwanderer; Überweisung; Wechselkurs; Erwartung; Realeinkommen; Lohnentwicklung; Assimilation <Soziologie>; real exchange rate; reservation wage; immigrant downgrading; earningsassimilation; Unterwertige Beschäftigung
    Scope: 1 Online-Ressource (59 Seiten), Illustrationen
  14. Nonlinearities and asymmetric adjustment to PPP in an exchange rate model with inflation expectations
    Author: Anderl, Christina; Caporale, Guglielmo Maria
    Published: February 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper estimates a model of the real exchange rate including standard fundamentals as well as two alternative measures of inflation expectations for five inflation targeting countries (UK, Canada, Australia, New Zealand, Sweden) over the period... more

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    This paper estimates a model of the real exchange rate including standard fundamentals as well as two alternative measures of inflation expectations for five inflation targeting countries (UK, Canada, Australia, New Zealand, Sweden) over the period January 1993-July 2019. Both a benchmark linear ARDL model and a nonlinear ARDL (NARDL) specification are considered. The results suggest that the nonlinear framework is more appropriate to capture the behaviour of real exchange rates given the presence of asymmetries both in the long- and short-run. In particular, the speed of adjustment towards the PPP-implied long-run equilibrium is three times faster in a nonlinear framework, which provides much stronger evidence in support of PPP. Moreover, inflation expectations play an important role, with survey-based ones having a more sizable effect than market-based ones. Monetary authorities should aim to achieve a high degree of credibility to manage them and thus currency fluctuations effectively. The inflation targeting framework might be especially appropriate for this purpose.

     
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    hdl: 10419/235291
    Series: CESifo working paper ; no. 8921 (2021)
    Subjects: nonlinearities; asymmetric adjustment; PPP; real exchange rate; inflation expectations
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  15. Real exchange rates and the earnings of immigrants
    Author: Dustmann, Christian; Ku, Hyejin; Surovtseva, Tetyana
    Published: August 2023
    Publisher:  CESifo, Munich, Germany

    We relate origin-destination real price differences to immigrants' reservation wages and their career trajectories, exploiting administrative data from Germany and the 2004 enlargement of the European Union. We find that immigrants who enter Germany... more

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    We relate origin-destination real price differences to immigrants' reservation wages and their career trajectories, exploiting administrative data from Germany and the 2004 enlargement of the European Union. We find that immigrants who enter Germany when a unit of earnings from Germany allows for larger consumption at home settle for lower entry wages, but subsequently catch up to those arriving with less favourable exchange rates, through transition to better-paying occupations and firms. Similar patterns hold in the US data. Our analysis offers one explanation for the widespread phenomenon of immigrants' downgrading, with new implications for immigrant cohort effects and assimilation profiles.

     
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    Source: Union catalogues
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    hdl: 10419/279376
    Series: CESifo working papers ; 10625 (2023)
    Subjects: real exchange rate; reservation wage; immigrant downgrading; earnings assimilation
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  16. Real exchange rates and the earnings of immigrants
    Author: Dustmann, Christian; Ku, Hyejin; Surovtseva, Tetyana
    Published: August 2023
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We relate origin-destination real price differences to immigrants' reservation wages and their career trajectories, exploiting administrative data from Germany and the 2004 enlargement of the European Union. We find that immigrants who enter Germany... more

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    We relate origin-destination real price differences to immigrants' reservation wages and their career trajectories, exploiting administrative data from Germany and the 2004 enlargement of the European Union. We find that immigrants who enter Germany when a unit of earnings from Germany allows for larger consumption at home settle for lower entry wages, but subsequently catch up to those arriving with less favourable exchange rates, through transition to better-paying occupations and firms. Similar patterns hold in the US data. Our analysis offers one explanation for the widespread phenomenon of immigrants' downgrading, with new implications for immigrant cohort effects and assimilation profiles.

     
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    Other identifier:
    hdl: 10419/279088
    Series: Discussion paper series / IZA ; no. 16390
    Subjects: real exchange rate; reservation wage; immigrant downgrading; earnings assimilation
    Scope: 1 Online-Ressource (circa 60 Seiten), Illustrationen