نتایج جستجو برای: nominal exchange rate
تعداد نتایج: 1149121 فیلتر نتایج به سال:
We examine optimal monetary policy under prevailing Chinese policies – including capital controls, nominal exchange rate targets, and costly sterilization of foreign capital inflows. China’s combination of capital controls and exchange rate pegs disrupts its monetary policy, precluding adjustments that could maintain macroeconomic stability following a set of shocks that mirror its experience d...
Relative population growth affects relative prices through the so-called BalassaSamuelson (BS) mechanism and that in turn impacts PPP. This paper empirically investigates the relationship between PPP exchange rate and relative population growth in a panel of 80 selected countries. Following the Balassa-Samuelson hypothesis this paper argues that relative population growth affects nominal wages ...
R ecent developments in open-economy macroeconomics have progressed under the paradigm of nominal price rigidities, where monetary disturbances are the main source of fluctuations. Following developments in closed-economy models, new open-economy models have combined price rigidities and market imperfections in a fully microfounded intertemporal general equilibrium setup. This framework has bee...
The EMU accession countries are obliged to fulfill the Maastricht convergence criteria prior to entering the EMU. What should be the optimal monetary policy satisfying these criteria? To answer this question, the paper proposes a DSGE model of a two-sector small open economy. First, I derive the micro founded loss function that represents the objective function of the optimal monetary policy no...
This paper explores the hypothesis that high volatility of real and nominal exchange rates may be due to the fact that local currency pricing eliminates the pass-through from changes in exchange rates to consumer prices. Exchange rates may be highly volatile because in a sense they have little effect on macroeconomic variables. The paper shows the ingredients necessary to construct such an expl...
The main goal of the present paper is to analyze the effects of currency collapses (a large devaluation of country’s nominal exchange rate) on real gross domestic products of six Asian countries (Iran, Indonesia, Malaysia, Pakistan, South Korea, and Turkey). A yearly data is collected from the WDI of the World Bank over the period 1980-2011. The econometric model includes the real GDP growt...
Results: Empirical analysis uses a dataset of nominal interest rates, money growth, income growth, changes in nominal exchange rate, and budget deficit. From the methodological point of view the paper involves vector autoregression model and Wald tests of Granger causality, followed by impulse response analysis while stationarity and the order of integration of the selected variables are confir...
In this paper, I consider modeling the effects of the macroeconomic determinants on the nominal exchange rate to be channeled through the transition probabilities in a Markovian process. The model posits that the deviation of the exchange rate from its fundamental value alters the market’s belief in the probability of the process staying in certain regime next period. This paper further takes i...
The main objective of this study is modeling the dependency structure between the returns of oil markets, exchange rate and stocks of chemical products in Iran. For this purpose, the theory of Vine Copula functions is used to investigate the dependency structure. In addition to consider a linear relationship between financial markets in Iran, the nonlinear dependency structure of these markets ...
in this paper, we will review the foreign exchange market and will try to extract an exchange market pressure and an intervention index for iran by following the weymark (1995) approach to evaluate the central bank of iran’s exchange rate policy during 1368:q1 to 1391:q3. the estimation method employed, is the econometric technique known in the literature as the two-stage least squares (2sls).t...
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