Lanterna Rally
eBook PDF Download Digital Library
Exchange Rate Volatility, Pricing to Market and Trade Smoothing
Author: Mr.Peter B. Clark
Publisher: International Monetary Fund
Published: 1997-10-01
Total Pages: 40
ISBN-13: 1451936621
DOWNLOAD EBOOK →This paper investigates the consequences of exchange rate volatility on the variability of export prices and quantities in the presence of market segmentation and pricing to market. Firms stabilize destination prices through systematic price discrimination, limiting the degree of exchange rate pass-through. Consequently, the variability of exchange rates is not fully translated into prices and quantities at the point of destination. Empirical estimates using aggregate price data for the G-7 industrial countries show incomplete pass-through in variances, with considerable variation among these countries. U.S. industry specific data also indicate incomplete pass-through in most cases, with considerable variation across industries.
Inflation Targeting and Exchange Rate Management In Less Developed Countries
Author: Mr.Marco Airaudo
Publisher: International Monetary Fund
Published: 2016-03-08
Total Pages: 65
ISBN-13: 1475523165
DOWNLOAD EBOOK →We analyze coordination of monetary and exchange rate policy in a two-sector model of a small open economy featuring imperfect substitution between domestic and foreign financial assets. Our central finding is that management of the exchange rate greatly enhances the efficacy of inflation targeting. In a flexible exchange rate system, inflation targeting incurs a high risk of indeterminacy where macroeconomic fluctuations can be driven by self-fulfilling expectations. Moreover, small inflation shocks may escalate into much larger increases in inflation ex post. Both problems disappear when the central bank leans heavily against the wind in a managed float.
Exchange Rate Stability in International Finance
Author: United States. Congress. House. Committee on Banking and Financial Services
Publisher:
Published: 1999
Total Pages: 146
ISBN-13:
DOWNLOAD EBOOK →Exchange Rate Economics
Author: Ronald MacDonald
Publisher: Routledge
Published: 2005
Total Pages: 334
ISBN-13: 1134838220
DOWNLOAD EBOOK →''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Floating Exchange Rates and the State of World Trade Payments
Author: David Bigman
Publisher: Ballinger Publishing Company
Published: 1984
Total Pages: 348
ISBN-13:
DOWNLOAD EBOOK →Exchange Rate Volatility and Trade Flows--Some New Evidence
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2004-05-19
Total Pages: 132
ISBN-13: 1498330282
DOWNLOAD EBOOK →NULL
Exchange Rate Chaos
Author: Charles R. Geisst
Publisher: Routledge
Published: 2002-01-04
Total Pages: 235
ISBN-13: 113483716X
DOWNLOAD EBOOK →The Bretton Woods system ensured a quarter of a century of relative stability on the world's financial markets. The quarter of a century which has followed has brought financial chaos and excessive financial volatility. Exchange Rate Chaos: 25 Years of Financial and Consumer Democracy describes and compares US and British financial history during this period. It highlights: * similarites in financial developments between the two countries * consumer democracy: Have the wishes of consumers dominated exchange rate policy? * The decline of the small investor and the hegemony of financial institutions * How the floating exchange rates are manipulated to government advantage One of the few financial histories to deal with the postwar period, this book shows how financial developments have shaped contemporary society and politics.
Flexible Exchange Rates for a Stable World Economy
Author: Joseph E. Gagnon
Publisher: Peterson Institute
Published: 2011
Total Pages: 301
ISBN-13: 0881326356
DOWNLOAD EBOOK →Volatile exchange rates and how to manage them are a contentious topic whenever economic policymakers gather in international meetings. This book examines the broad parameters of exchange rate policy in light of both high-powered theory and real-world experience. What are the costs and benefits of flexible versus fixed exchange rates? How much of a role should the exchange rate play in monetary policy? Why don't volatile exchange rates destabilize inflation and output? The principal finding of this book is that using monetary policy to fight exchange rate volatility, including through the adoption of a fixed exchange rate regime, leads to greater volatility of employment, output, and inflation. In other words, the "cure" for exchange rate volatility is worse than the disease. This finding is demonstrated in economic models, in historical case studies, and in statistical analysis of the data. The book devotes considerable attention to understanding the reasons why volatile exchange rates do not destabilize inflation and output. The book concludes that many countries would benefit from allowing greater flexibility of their exchange rates in order to target monetary policy at stabilization of their domestic economies. Few, if any, countries would benefit from a move in the opposite direction.
Exchange Rate Volatility and Misalignment
Author: Jacob A. Frenkel
Publisher:
Published: 1989
Total Pages: 64
ISBN-13:
DOWNLOAD EBOOK →In this paper, we analyze several proposals for reducing the volatility and/or misalignment of key-currency exchange rates. The proposals examined are a system of target zones, the imposition of controls or taxes on international capital flows, and a strengthening of international coordination over economic policies. We also review key characteristics of the behavior of major-currency exchange rates over the period of floating rates and examine the various criteria or standards for drawing inferences about excess volatility and misalignment. In evaluating exchange rate volatility, attention is directed toward the influence of the exchange rate regime, to the behavior of fundamentals, to the volatility of both goods prices and other asset prices, to the costs of exchange rate volatility, and to the nature of shocks facing the economy. Turning to misalignment, we examine the strengths and weaknesses of the purchasing-power-parity approach, of the underlying balance approach, and of the sustainability approach. We argue that inferences about excess exchange rate volatility and misalignment are subject to wide margins of error and that the exchange rate experience of the past 15 years is subject to multiple interpretations.
