Last edited by Mazut
Thursday, April 30, 2020 | History

2 edition of Business cycles, exchange rate regimes and the ERM found in the catalog.

Business cycles, exchange rate regimes and the ERM

M. J. Artis

Business cycles, exchange rate regimes and the ERM

is there a European business cycle?

by M. J. Artis

  • 184 Want to read
  • 33 Currently reading

Published by European University Institute in San Domenico .
Written in English


Edition Notes

StatementMichael J. Artis and Wenda Zhang.
SeriesEUI working papers -- RSC 96/55
ContributionsZhang, Wenda.
ID Numbers
Open LibraryOL17226269M

MEMBERSHIP OF THE EUROPEAN EXCHANGE RATE Mechanism (ERM) was the centre-piece of the British government's economic policy in the early s. Despite the attention which the media focused on the mechanism and especially on Britain's forced withdrawal in September , there has been relatively little discussion on the politics of ERM membership.2 This .   "Anomalous speculative attacks on fixed exchange rate regimes: Possible resolutions of the 'Gold Standard Paradox'," with Vittorio U. Grilli, in Paul Krugman and Marcus Miller, eds., Exchange Rates and Currency Bands, Cambridge University Press, Cambridge, U.K., , pp. Exchange Rate Mechanism II, published in ECB, Legal aspects of the European system of central banks, Intervention was never seen at the margins of +/- 15 per cent in ERM. 3 The other ERM II participants were not to have any obligation to intervene. Monetary History of Denmark - Chapter 2: Exchange-Rate Cooperation and Currency. Przystupa, Jan (): Approaching a problem of the long-run real equilibrium exchange rate of Polish zloty while entering the ERM-2 and Euro zone. Published in: Discussion Papers of the Institute for Market, Consumption and Business Cycles Research, Vol. 99, No. Discussion Papers (4 December ): pp.

Non-operating items in consist of short-term fluctuations in investment returns on shareholder-backed business of negative $(3,) million ( negative $() million on an actual exchange rate basis), the net loss arising from corporate transactions undertaken in the year of negative $() million ( negative $() million on an.


Share this book
You might also like
Three Negro plays

Three Negro plays

Avicennas tract on cardiac drugs and essays on Arab cardiotherapy

Avicennas tract on cardiac drugs and essays on Arab cardiotherapy

Musical life in Poland today.

Musical life in Poland today.

White paper on courts administration

White paper on courts administration

Serving rural America

Serving rural America

Prehistoric farmers of the Washita River Valley

Prehistoric farmers of the Washita River Valley

How the Obama administration threatens to undermine our elections

How the Obama administration threatens to undermine our elections

Legal writing

Legal writing

Records scheduling and disposal

Records scheduling and disposal

Fluxit

Fluxit

Media qualifications and their relevance & usefulness to students and employers

Media qualifications and their relevance & usefulness to students and employers

Major Companies of Europe

Major Companies of Europe

Herbert W. Leach.

Herbert W. Leach.

Georgias Indian heritage

Georgias Indian heritage

Rural poor and the new programme

Rural poor and the new programme

Harvesting and Processing of Fish, Crustacea and Molluscs. July 29, 1983

Harvesting and Processing of Fish, Crustacea and Molluscs. July 29, 1983

Business cycles, exchange rate regimes and the ERM by M. J. Artis Download PDF EPUB FB2

Additional Physical Format: Online version: Artis, Michael J. Business cycles, exchange rate regimes and the ERM. Florence: European University Institute, Robert Schuman Centre, []. Exchange Rate Regimes and International Business Cycles Article in Review of Economic Dynamics 6(2) April with 81 Reads How we measure 'reads'.

Downloadable. Since the adoption of flexible exchange rates, real exchange rates have been much more volatile than they were under Bretton Woods. However, the volatilities of most other macroeconomic variables have remained approximately unchanged. This poses a puzzle for standard international business cycle models.

This paper develops a two-country, two-sector. Downloadable (with restrictions). Successful fixed exchange rate regimes impose policy disciplines that are likely to lead to conformity in the business cycles of the participating countries. This conjecture is borne out in the present paper by the evidence that the business cycle affiliation of ERM member countries has shifted from the United States to Germany since the formation of the ERM.

Section III lays out the accession process to date as well as the exchange rate regimes accession states have used. Section IV tests empirically whether there have been political business cycles.

McKinnon, R. exchange rate regimes and the ERM book and G. Schnabl,“Synchronized Business Cycles in East Asia and Fluctuations in the Yen/Dollar Exchange Rate,” The World Economy, – CrossRef Google Scholar McKinnon, R.

exchange rate regimes and the ERM book G. Schnabl,“The East Asian Dollar Standard, Fear of Floating, and Original Sin,” Review of Development Economics, 8: –Author: Masanaga Kumakura. Special focus is given to various key aspects of the euro area economy. A rich set of multiple choice questions and answers are provided in a separate, accompanying exercises book.

About the author. Dieter Gerdesmeier holds a diploma in business and economics from the University of Basel (CH) and was awarded a doctorate in economics. A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime in which a currency's value is fixed or pegged by a monetary authority against the value of another currency, a basket of other currencies, or another measure of value, such as gold.

There are benefits and risks to using a fixed exchange rate system. A fixed exchange rate is typically. The normative issues of fixed exchange rate regimes remain an open area for future research.

Exchange rate target zones P.M. Garber and L.E.O. Svensson Introduction Fixed exchange rate regimes used to be modelled in the literature as having a constant fixed exchange rate, with occasional discrete jumps, or by: Outside fixed exchange rate regimes, persistently high inflation can be attributed to the failure of political parties to pre-commit to price stability.

The higher aversion of ‘socialists’ to unemployment results in an inflation rate which is higher by 8 percentage points than under the more anti-inflationary ‘conservatives’.

We then discuss how the real exchange rate appreciation shifts the output gap/inflation variance trade-off, increasing the cost of managing or fixing the exchange rate. As a consequence, the requirement of membership in the Exchange Rate Mechanism (ERM-II) and the Maastricht inflation criterion constrain the policy choice while providing no.

The “ERM” terminology only became prevalent in U.K. policy debates starting in mid; in most of the pre- discussions within the United Kingdom, the term EMS was used to refer to the exchange rate mechanism.

Thatcher, interview with Sunday Times, Octostored at et 8. Macroeconomics by Graeme Chamberlin,available at Book Depository with SHORT-RUN FLUCTUATIONS AND STABILIZATION Chapter 9 Business Cycles and Stabilization Policy Business cycles Economic cycles Real business cycles New Keynesian theories of fluctuations Wage rigidities Price rigidities /5(2).

The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of.

Unlike most existing textbooks on the economic history of modern Europe, which offer a country-by-country approach, The Cambridge Economic History of Modern Europe rethinks Europe's economic history since as unified and pan-European, with the material organized by topic rather than by by: CONTENTS ABBREVIATIONS 1 Motivation for Macroeconomic Models 1 Output, unemployment, and inflation 2 Economic growth PART ONE The Macroeconomic Model 2 Aggregate Demand, Aggregate Supply, and Business Cycles 1 Aggregate demand 2 The goods market: the IS curve 3 The money market: the LM curve 4 Putting together the IS and the LM 5 Aggregate supply 6.

Business Cycles: Fact, Fallacy and Fantasy Sumru G. Altuğ. Categories: You can write a book review and share your experiences. Other readers will always be interested in your opinion of the books you've read.

Whether you've loved the book or not, if you give your honest and detailed thoughts then people will find new books that are right. INTERNATIONAL FINANCIAL ARCHITECTURE Chapter 14 Exchange Rate Regimes and International Policy Coordination Introduction The choice of exchange rate regime International policy coordination Optimal Currency Areas (OCA) Is Europe an OCA.

Should the UK join the Euro?5/5(4). Lessons From the History of Money by François R. Velde from Economic Perspectives (Federal Reserve Bank of Chicago), First QuarterVolume XXII, Issue 1.

Exchange rate regimes and uncertainty pp. Tony Caporale and Khosrow Doroodian Inflation convergence in the EMS: Some additional evidence. A comment pp. Rodney Thom Inflation convergence in the EMS: Some additional evidence. A reply pp. Guglielmo Maria Caporale and Nikitas Pittis Book reviews pp.

Coulibaly, Issiaka and Davis, Junior (): Exchange rate regimes and economic performance: Does CFA zone membership benefit their economies. Craighead, William (): Intermediate Goods and Exchange Rate Disconnect.

Cruz Rodriguez, Alexis (): Choosing and assessing exchange rate regimes: A survey of the literature. A business cycle boom accompanied by high inflation is traditionally considered as the typical environment in which real over­ investment and asset price bubbles blossom. Excess liquidity provided by the central bank is one of the main factors for the development of inappropriately lax lending standards.

Unemployment, inflation and monetary policy ; Part VI. The open economy: The balance of payments and exchange rates -- IS-LM-BP model -- Aggregate demand and aggregate supply in the open economy ; Part VII.

International finance architecture: Exchange rate regimes and international policy coordination -- The European Monetary System (EMS) was launched in earlywith a first phase that in practice consisted mainly of the exchange rate mechanism (ERM), although there was also a European Monetary Cooperation Fund that centralized a part of the reserves and facilitated short-term intervention in defense of the exchange rate obligations.

On the Instability of Variance Decomposition of the Real Exchange Rate Across Exchange-Rate-Regimes: Evidence from Mexico and the United States Enrique G. Mendoza # (IFM) Allocating Payroll Tax Revenue to Personal Retirement Accounts to Maintain Social Security Benefits and the Payroll Tax Rate Martin Feldstein and Andrew Samwick # (PE).

The distinctive feature of this book is that it provides a unified framework for the analysis of short- and medium-run macroeconomics. This gives students a model that they can use themselves to understand a wide range of real-world macroeconomic behavior and policy issues.

The authors introduce a new graphical model (IS/PC/MR) based on the 3-equation New Keynesian model. Economics affects almost everything we do: from our decisions at work to our shopping habits, voting preferences and social attitudes. This new edition of the popular text by David Begg and Gianluigi Vernasca enables the reader to understand today's economic environment by examining the underlying theory and applying it to real-world situations.

The Euroarea and the New EU Member States: Monetory and Exchange Rate Strategies (Euro-Asian Studies) Lucio Vinhas De Souza, Bas Van Aarle This volume studies the effects of alternative exchange rate regimes on accession countries in Central and Eastern Europe. Type: Book - Soft Cover Publish Date: 7/6/ Macroeconomic characteristics of exchange rate regimes: 27 (1) The new European Exchange Rate Mechanism - ERM II: 50 (7) The foreign exchange market and over-the-counter markets in the UK: 57 (20).

5/ The variety of exchange rate regimes over time, as well as within a particular episode of monetary history, suggests recurrence of fixed and flexible exchange rate regimes. 1/ In choosing an exchange rate regime, a strictly fixed exchange rate regime implies that the inflation rate of the country (or countries) to which the exchange rate is.

Baxter, Marianne. "Business Cycles, Stylized Facts, and the Exchange Rate Regime: Evi- dence from the United States." Journal of International Money and Finance, March10(1), pp. "International Trade and Business Cy- cles," in Gene M.

Grossman and Kenneth Rogoff, eds., Handbook of international eco- nomics, volume 3. Artis, M.J. and W. and Zhang (), ‘Further evidence on European business cycle and the ERM: is there a European business cycle’Oxford Economic Pap pp. – Google Scholar Barrios, S., M. Brulhart, R.J.R. Elliott and M.

Sensier (), ‘A tale of two cycles: co-fluctuation between UK regions and the Euro Zone’, The Cited by: 1. fluctuations, and currency exchange risks.

ALM is a tool to manage interest/profit rate risk in the banking book and the liquidity risk faced by banks.

As mentioned above, ALM also deals with aspects related to credit risk, as this also manages the impact of the entire credit portfolio (including cash, investments and loans) on the balance sheet.

Smoothness in Semi-Fixed Exchange Rate Regimes Els, P. van, Real Business Cycle Models and Money: A Survey of Theories and Stylized Facts Falk, Martin (and Norbert Funke), The Stability of Money Demand in Germany and in the EMS: Impact of German Unification Fan, Po-Hung (and Dung Nguyen), The Role of Natural.

In a setting like ours, the approach of using exchange rate regimes to identify exogenous shocks has great promise as a way of estimating policy impacts, and it builds on several applied works which embrace a similar logic: di Giovanni and Shambaugh () use the same instrument to look at output volatility in fixed and floating exchange rate Cited by: Trove: Find and get Australian resources.

Books, images, historic newspapers, maps, archives and more. Why Black Swans and Brown Turkeys. • Black Swans – New and unpredictable events that up-end received wisdom • Brown Turkeys – Unpredictable and surprising but it's happened before • Today's financial turmoil is a Brown Turkey • Turmoil, but we've been through this before – and survived • Some of the specifics I'll talk about.

Working papers published in In-depth studies for experts. Our Working Paper Series (WPS) disseminates economic research relevant to the various tasks and functions of the ECB, and provides a conceptual and empirical basis for Working Papers constitute “work in.

This book, edited by Tomás J.T. Baliño and Carlo Cottarelli, addresses some of the strategic issues faced by policymakers in the choice of a monetary regime. Following an overview of some of these issues, the book considers the various theoretical or practical frameworks for the implementation of monetary policy.

It then focuses on how monetary policy should be. 5 Issues per year. IMPACT FACTOR CiteScore SCImago Journal Rank (SJR) Source Normalized Impact per Paper (SNIP) Mathematical Citation Quotient (MCQ) CiteScore SCImago Journal Rank (SJR) Source Normalized Impact per Paper (SNIP) Mathematical Author: Stefan Reitz, Mark P.

Taylor. A brief history of exchange rate regimes WWI „ die abandonment of the gold standard and the regulation of credit Deregulation of die .Preface. Exchange rate policy figures prominently on the current Latin American agenda. The pros and cons of fixed and floating regimes, regional currencies, dollarization and other arrangements.Business cycles and the exchange-rate regime: some international evidence”, Exchange rate regimes and economic growth in emerging markets: In revisiting the case for flexible exchange rates”, Bank of Canada, The Gulf Cooperation Council countries; economic structures, recent developments, and role in the global economy”, Author: Qais Issa Al Yahyaei.