Realignment Expectations Forward Rate Bias And Sterilized Intervention In An Adjustable Peg Exchange Rate Model With Policy Optimization

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Realignment Expectations Forward Rate Bias And Sterilized Intervention In An Adjustable Peg Exchange Rate Model With Policy Optimization

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Author : Mr.Peter Isard
language : en
Publisher: International Monetary Fund
Release Date : 1994-02-01

Realignment Expectations Forward Rate Bias And Sterilized Intervention In An Adjustable Peg Exchange Rate Model With Policy Optimization written by Mr.Peter Isard 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 1994-02-01 with Business & Economics categories.

The paper models an adjustable peg exchange rate arrangement as a policy rule with an escape clause under which the timing and magnitudes of realignments are the outcomes of policy optimization decisions. Under the assumptions that market participants are rational, risk averse, and fully informed about the incentives of policymakers, the analysis focuses on the implications for relating realignment expectations to the state variables that enter the policy objective function, for modeling the bias in using forward exchange rates to predict future spot rates, and for characterizing the effectiveness of sterilized intervention.

Realignment Expectations Forward Rate Bias And Sterilized Intervention In An Adjustable Peg Exchange Rate Model With Policy Optimization

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Author : Peter Isard
language : en
Publisher:
Release Date : 2006

Realignment Expectations Forward Rate Bias And Sterilized Intervention In An Adjustable Peg Exchange Rate Model With Policy Optimization written by Peter Isard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

The paper models an adjustable peg exchange rate arrangement as a policy rule with an escape clause under which the timing and magnitudes of realignments are the outcomes of policy optimization decisions. Under the assumptions that market participants are rational, risk averse, and fully informed about the incentives of policymakers, the analysis focuses on the implications for relating realignment expectations to the state variables that enter the policy objective function, for modeling the bias in using forward exchange rates to predict future spot rates, and for characterizing the effectiveness of sterilized intervention.

Working Paper Summaries Wp 94 1 Wp 94 76

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1994-08-01

Working Paper Summaries Wp 94 1 Wp 94 76 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 1994-08-01 with Business & Economics categories.

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Imf Staff Papers

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1995-01-01

Imf Staff Papers written by International Monetary Fund. Research Dept. 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 1995-01-01 with Business & Economics categories.

This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last twenty years rather than sooner? We begin by discussing the “tax smoothing” model and conclude that this approach alone cannot provide complete answers to these questions. We then proceed to a discussion of political economy models, which we organize into six groups: (1) models based upon opportunistic policy makers and naive voters with “fiscal illusion”; (2) models of intergenerational redistributions; (3) models of debt as a strategic variable, linking the current government with the next one; (4) models of coalition governments; (5) models of geographically dispersed interests; and (6) models emphasizing the effects of budgetary institutions. We conclude by briefly discussing policy implications.

Modern Perspectives On The Gold Standard

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Author : Tamim Bayoumi
language : en
Publisher: Cambridge University Press
Release Date : 1996

Modern Perspectives On The Gold Standard written by Tamim Bayoumi and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.

Currency crises in Europe and Mexico during the 1990s provided stark reminders of the importance and the fragility of international financial markets. These experiences led some commentators to conclude that open international capital markets are incompatible with financial stability. But the pre-1914 gold standard is an obvious challenge to the notion that open capital markets are sources of instability. To deepen our understanding of how this system worked, this volume draws together recent research on the gold standard. Theoretical models are used to guide qualitative discussions of historical experience, while econometric methods are used to help the historical data speak clearly. The result is an overview of the gold standard, a survey of the relevant applied research in international macroeconomics, and a demonstration of how the past can help to inform the present.

Working Paper Summaries January June 1994

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Author :
language : en
Publisher:
Release Date : 1994

Working Paper Summaries January June 1994 written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with IMF working paper categories.

Imf Working Paper

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Author :
language : en
Publisher:
Release Date : 1994

Imf Working Paper written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Finance categories.

Exchange Rates And Economic Fundamentals

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Author : Mr.Tamim Bayoumi
language : en
Publisher: International Monetary Fund
Release Date : 1994-09-15

Exchange Rates And Economic Fundamentals written by Mr.Tamim Bayoumi 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 1994-09-15 with Business & Economics categories.

This paper summarizes the methods and types of indicators that are often employed, both insid and outside the IMF, to assess whether exchange rates are broadly in line with economic fundamentals.

Bibliographie Der Wirtschaftswissenschaften

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Author :
language : de
Publisher:
Release Date : 1994

Bibliographie Der Wirtschaftswissenschaften written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Economics categories.

Uncovered Interest Parity

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Author : Mr.Peter Isard
language : en
Publisher: International Monetary Fund
Release Date : 1991-05

Uncovered Interest Parity written by Mr.Peter Isard 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 1991-05 with Business & Economics categories.

This note provides an overview of the uncovered interest parity assumption. It traces the history of the interest parity concept, summarizes evidence on the empirical validity of uncovered interest parity, and discusses the implications for macroeconomic analysis. The uncovered interest parity assumption has been an important building block in multiperiod and continuous time models of open economies, and although its validity is strongly challenged by the empirical evidence, its retention in macroeconomic models is supported on pragmatic grounds, at least for the time being, by the lack of much empirical support for existing models of the exchange risk premium.