Exchange Rate Pass Through And The Welfare Effects Of The Euro
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Exchange Rate Pass Through And The Welfare Effects Of The Euro
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Author : Michael B. Devereux
language : en
Publisher:
Release Date : 1999
Exchange Rate Pass Through And The Welfare Effects Of The Euro written by Michael B. Devereux and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Dollar, American categories.
This paper explores the implications of the European single currency within a simple sticky price intertemporal model. The main issue we focus on is how the euro may alter the responsiveness of consumer prices to exchange rate changes. Our central conjectures is that the acceptance of the euro will lead European prices to become more insulated from exchange-rate volatility, much the way U.S. consumer prices already are. We show that this has profound consequences for both the volatility and levels of macroeconomic aggregates in both the U.S. and Europe. We find that European welfare is enhanced, and, more surprisingly U.S. shares in Europe's good fortune. Alternative assumptions about how pricing behavior will change lead to different conclusions, but in all cases we can derive specific implications for expected levels and volatility of macroeconomic varialbes.
Exchange Rate Pass Through And The Welfare Effects Of The Euro
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Author : Michael B. Devereux
language : en
Publisher:
Release Date : 2003
Exchange Rate Pass Through And The Welfare Effects Of The Euro written by Michael B. Devereux and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
This article explores the implications of the European single currency within a simple sticky price intertemporal model. We focus on the question of how the euro may change the sensitivity of consumer prices in Europe to exchange-rate changes. Our central conjecture is that the acceptance of the euro will lead European prices to become more insulated from exchange-rate volatility. We find that this affects both the volatility and levels of macroeconomic aggregates in both the U.S. and Europe. We find that European welfare is enhanced, and the U.S. shares in Europe's good fortune.
Incomplete Pass Through And The Welfare Effects Of Exchange Rate Variabilty
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Author : Alan Sutherland
language : en
Publisher:
Release Date : 2002
Incomplete Pass Through And The Welfare Effects Of Exchange Rate Variabilty written by Alan Sutherland and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Foreign exchange rates categories.
The Welfare Effects From Stabilizing European Exchange Rates
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Author : E. W. M. T. Westerhout
language : en
Publisher:
Release Date : 1996
The Welfare Effects From Stabilizing European Exchange Rates written by E. W. M. T. Westerhout and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Foreign exchange rates categories.
An Empirical Assessment Of The Exchange Rate Pass Through In Mozambique
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-06
An Empirical Assessment Of The Exchange Rate Pass Through In Mozambique written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-06 with Business & Economics categories.
Determining the magnitude and speed of the exchange rate passthrough (ERPT) to inflation has been of paramount importance for policy-makers in developed and emerging economies. This paper estimates the exchange rate passthrough in Mozambique using econometric techniques on a sample spanning from 2001 to 2019. Results suggest that the ERPT is assymetric, sizable and fast, with 50 percent of the exchange rate variations passing through to prices in less than six months. Policy-makers should continue to pursue low and stable inflation and develop a strong track record of prudent macroeconomic policies for the ERPT to decline.
Differences In Exchange Rate Pass Through In The Euro Area
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Author : José Campa
language : en
Publisher:
Release Date : 2004
Differences In Exchange Rate Pass Through In The Euro Area written by José Campa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Foreign exchange rates categories.
Exchange Rate Pass Through In The Euro Area And Eu Countries
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Author : Eva Ortega
language : en
Publisher:
Release Date : 2020
Exchange Rate Pass Through In The Euro Area And Eu Countries written by Eva Ortega and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Aggregate exchange rate pass-through (ERPT) to import and consumer prices in the EU is currently lower than it was in the 1990s and is non-linear. Low estimated aggregate ERPT to consumer prices does not at all mean that exchange rate movements do not have an impact on inflation, as aggregate rules of thumb mask substantial heterogeneities across countries, industries and time periods owing to structural, cyclical and policy factors. Looking also at new micro evidence, four key structural characteristics explain ERPT across industries or sectors: (i) import content of consumption, (ii) share of imports invoiced in own currency or in a third dominant currency, (iii) integration of a country and its trading partners in global value chains, and (iv) market power. In the existing literature there is also a robust evidence across models showing that each shock which causes the exchange rate to move has a different price response, meaning that the combination of shocks that lies behind the cycle at any point in time has an impact on ERPT. Finally, monetary policy itself affects ERPT. Credible and aggressive monetary policy reduces the observed ex post ERPT, as agents expect monetary policy to counteract deviations of inflation from target, including those relating to exchange rate fluctuations. Moreover, under the effective lower bound, credible non-standard monetary policy actions result in greater ERPT to consumer prices. This paper recommends moving away from rule-of-thumb estimates and instead using structural models with sufficient feedback loops, taking into account the role of expectations and monetary policy reactions, to assess the impact of exchange rate changes when forecasting inflation.
Open Economy Macroeconomics
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Author : Helmut Frisch
language : en
Publisher: Springer
Release Date : 2016-07-27
Open Economy Macroeconomics written by Helmut Frisch and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.
The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies. Equally important is the declining relevance of the real versus the monetary theory dichotomy. These papers focus on those aspects of monetary policy which relate to credibility and non-neutrality; the domestic adjustment to foreign shocks; the interdependence of open economies and their strategic interactions. An important section is also devoted to the innovative modelling of exchange rate dynamics.
Asymmetric Exchange Rate Pass Through In The Euro Area New Evidence From Smooth Transition Models
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Author : Nidhaleddine Ben Cheikh
language : en
Publisher:
Release Date : 2012
Asymmetric Exchange Rate Pass Through In The Euro Area New Evidence From Smooth Transition Models written by Nidhaleddine Ben Cheikh and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Currency Politics
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Author : Jeffry A. Frieden
language : en
Publisher: Princeton University Press
Release Date : 2014-12-28
Currency Politics written by Jeffry A. Frieden and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-28 with Business & Economics categories.
The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.