The Economics of Exchange Rates
In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.
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The European Central Bank a view from across the ocean
Which measure of inflation should the ECB target?
An evaluation of alternative targeting rules for the ECB
Inflation modelling in the euro area
The interaction between monetary and fiscal policies in a monetary union a review of recent literature
Independent or coordinated? Monetary and fiscal policy in EMU
Interaction of fiscal policies in the euro area how much pressure on the ECB?
The macroeconomic impact of different speeds of debt stabilisation in EMU
Fiscal shocks and policy regimes in some OECD countries
Monetary and fiscal policy interactions over the cycle some empirical evidence
Monetary institutions monetary union and unionised labour markets some recent developments
Inflationary performance in a monetary union with large wage setters
On the enlargement of currency unions incentives to join and incentives to reform
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adjustment aggregate demand analysis assume Beetsma behaviour budget cointegrating common trends constraint consumption core inflation countries Cukierman currency union deficit dynamic Economic Policy Economic Review effect empirical equation equilibrium estimated euro area European Central Bank Figure fiscal and monetary fiscal authorities fiscal coordination fiscal federalism fiscal feedback fiscal policy fiscal pressure fiscal shocks flexibility forecast framework Germany government spending HICP higher impact implies Impulse responses incentives increase inflation rate inflation targeting inflationary institutions Journal labour market literature long-run loss function macroeconomic monetary and fiscal monetary authority monetary policy monetary union money supply N-countries nominal wage optimal output gap Paper parameters Phillips curve policy regime Policy Rules policymakers price index price level price stability public debt real interest rate real wage reform region Resp result stabilisation policy strategic structural Treaty of Maastricht unemployment union-wide variables vector wage premium
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Stabilitätspolitik: theoretische Grundlagen und institutionelle Alternativen
No preview available - 2008