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The Monetary Model Strikes Back
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Book Synopsis The Monetary Model Strikes Back by : Valerie Cerra
Download or read book The Monetary Model Strikes Back written by Valerie Cerra and published by International Monetary Fund. This book was released on 2008-03 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: We revisit the dramatic failure of monetary models in explaining exchange rate movements. Using the information content from 98 countries, we find strong evidence for cointegration between nominal exchange rates and monetary fundamentals. We also find fundamentalsbased models very successful in beating a random walk in out-of-sample prediction.
Download or read book PPP Strikes Back written by Mr.Jean Imbs and published by International Monetary Fund. This book was released on 2003-04-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show the importance of a dynamic aggregation bias in accounting for the PPP puzzle. We prove that established time-series and panel methods substantially exaggerate the persistence of real exchange rates because of heterogeneity in the dynamics of disaggregated relative prices. When heterogeneity is properly taken into account, estimates of the real exchange rate half-life fall dramatically, to little more than one year, or significantly below Rogoff's "consensus view" of three to five years. We show that corrected estimates are consistent with plausible nominal rigidities, thus, arguably, solving the PPP puzzle.
Book Synopsis The Handbook on the Political Economy of War by : Christopher J. Coyne
Download or read book The Handbook on the Political Economy of War written by Christopher J. Coyne and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 649 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook on the Political Economy of War highlights and explores important research questions and discusses the core elements of the political economy of war.
Book Synopsis Trinity Strikes Back: Monetary Independence and Inflation in the Caribbean by : Mr.Serhan Cevik
Download or read book Trinity Strikes Back: Monetary Independence and Inflation in the Caribbean written by Mr.Serhan Cevik and published by International Monetary Fund. This book was released on 2019-09-20 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary independence is at the core of the macroeconomic policy trilemma stating that an independent monetary policy, a fixed exchange rate and free movement of capital cannot exist at the same time. This study examines the relationship between monetary autonomy and inflation dynamics in a panel of Caribbean countries over the period 1980–2017. The empirical results show that monetary independence is a significant factor in determining inflation, even after controlling for macroeconomic developments. In other words, greater monetary policy independence, measured as a country’s ability to conduct its own monetary policy for domestic purposes independent of external monetary influences, leads to lower consumer price inflation. This relationship—robust to alternative specifications and estimation methodologies—has clear policy implications, especially for countries that maintain pegged exchange rates relative to the U.S. dollar with a critical bearing on monetary autonomy.
Book Synopsis Handbook of Exchange Rates by : Jessica James
Download or read book Handbook of Exchange Rates written by Jessica James and published by John Wiley & Sons. This book was released on 2012-05-29 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Handbook of Exchange Rates “This book is remarkable. I expect it to become the anchor reference for people working in the foreign exchange field.” —Richard K. Lyons, Dean and Professor of Finance, Haas School of Business, University of California Berkeley “It is quite easily the most wide ranging treaty of expertise on the forex market I have ever come across. I will be keeping a copy close to my fingertips.” —Jim O’Neill, Chairman, Goldman Sachs Asset Management How should we evaluate the forecasting power of models? What are appropriate loss functions for major market participants? Is the exchange rate the only means of adjustment? Handbook of Exchange Rates answers these questions and many more, equipping readers with the relevant concepts and policies for working in today’s international economic climate. Featuring contributions written by leading specialists from the global financial arena, this handbook provides a collection of original ideas on foreign exchange (FX) rates in four succinct sections: • Overview introduces the history of the FX market and exchange rate regimes, discussing key instruments in the trading environment as well as macro and micro approaches to FX determination. • Exchange Rate Models and Methods focuses on forecasting exchange rates, featuring methodological contributions on the statistical methods for evaluating forecast performance, parity relationships, fair value models, and flow–based models. • FX Markets and Products outlines active currency management, currency hedging, hedge accounting; high frequency and algorithmic trading in FX; and FX strategy-based products. • FX Markets and Policy explores the current policies in place in global markets and presents a framework for analyzing financial crises. Throughout the book, topics are explored in-depth alongside their founding principles. Each chapter uses real-world examples from the financial industry and concludes with a summary that outlines key points and concepts. Handbook of Exchange Rates is an essential reference for fund managers and investors as well as practitioners and researchers working in finance, banking, business, and econometrics. The book also serves as a valuable supplement for courses on economics, business, and international finance at the upper-undergraduate and graduate levels.
Book Synopsis The Economics of Foreign Exchange and Global Finance by : Peijie Wang
Download or read book The Economics of Foreign Exchange and Global Finance written by Peijie Wang and published by Springer Nature. This book was released on 2020-08-28 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook presents all major topics in international monetary theory, foreign exchange markets, international financial management and investment analysis. It focuses on real-world problems in the sense that it provides guidance on how to solve policy issues as well as how to complete financial assignments across the globe. This in turn helps readers gain an understanding of the theory and refine the framework. This third edition of the book incorporates three new chapters, and most of the chapters from the second edition have been updated to integrate new material, data, and/or the recent developments in the areas. The book can be used in graduate and advanced undergraduate programs in international or global finance, international monetary economics, and international financial management. It is also a valuable reference book for researchers in these areas.
Book Synopsis Globalization, Gating, and Risk Finance by : Unurjargal Nyambuu
Download or read book Globalization, Gating, and Risk Finance written by Unurjargal Nyambuu and published by John Wiley & Sons. This book was released on 2018-01-16 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth guide to global and risk finance based on financial models and data-based issues that confront global financial managers. Globalization, Gating, and Risk Finance offers perspectives on global risk finance in a world with economies in transition. Developed from lectures and research projects investigating the consequences of globalization and strategic approaches to fundamental economics and finance, it provides an approach based on financial models and data; it includes many case-study problems. The book departs from the traditional macroeconomic and financial approaches to global and strategic risk finance, where economic power and geopolitical issues are intermingled to create complex and forward-looking financial systems. Chapter coverage includes: Globalization: Economies in Collision; Data, Measurements, and Global Finance; Global Finance: Utility, Financial Consumption, and Asset Pricing; Macroeconomics, Foreign Exchange, and Global Finance; Foreign Exchange Models and Prices; Asia: Financial Environment and Risks; Financial Currency Pricing, Swaps, Derivatives, and Complete Markets; Credit Risk and International Debt; Globalization and Trade: A Changing World; and Compliance and Financial Regulation. Provides a framework for global financial and inclusive models, some of which are not commonly covered in other books. Considers risk management, utility, and utility-based multi-agent financial theories. Presents a theoretical framework to assist with a variety of problems ranging from derivatives and FX pricing to bond default to trade and strategic regulation. Provides detailed explanations and mathematical proofs to aid the readers’ understanding. Globalization, Gating, and Risk Finance is appropriate as a text for graduate students of global finance, general finance, financial engineering, and international economics, and for practitioners.
Book Synopsis The economic crisis and its consequences for the environment and environmental policy by : Adriaan Perrels
Download or read book The economic crisis and its consequences for the environment and environmental policy written by Adriaan Perrels and published by Nordic Council of Ministers. This book was released on 2010 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Natural Economic Theory: New general economic theory, of positive nature and global scope by : Gonzalo Pérez-Seoane
Download or read book Natural Economic Theory: New general economic theory, of positive nature and global scope written by Gonzalo Pérez-Seoane and published by BibliotecaOnline SL. This book was released on 2021-07-16 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Natural Economic Theory is a new general theory of economics. Theory of general equilibrium, positive in nature and global in scope. Understanding economic functioning is a great puzzle. Natural theory unites all the pieces from the same theoretical, mathematical and empirical unit, opening a new window for the understanding of the economic phenomenon. Books published (edition and private diffusion): i) El Equilibrio de las Naciones (1998), ii) Modelo Macroeconómico Natural (1999), iii) Natural Macroeconomic Model (2000), iv) The World Stock Market and the Natural Price Theory (2002), v) Teoría Económica Natural (2017). Papers, reviewed and approved by the Scientific Committees of more than 50 international conferences on economics and finance : “The Natural Value Theory: Empirical Evidences of the Purchasing Power Parity and the Long Term Stock Market Function” (december 19, 2002); “Natural Value Theory: Empirical Evidences of the Long Term World Financial Market Function” (september 27, 2004); “Empirical Evidences of Long Term World Exchange Rate Market Function” (january 26, 2008); “World Financial Market Function: Empirical Evidence of Long Term Stock Market Function” (2008); “The World Gold Coeficient: Proposal for the Reform of the Internacional Monetary System” (december 12, 2011); “Stochastic Monetary Policy Paradigm?, Empirical Evidences of a Monetary Optimum: The Natural Monetary Policy Model” (2012); “Natural Price Theory and Positive Economics” (june 30, 2014).
Book Synopsis Handbook of International Economics by : Gita Gopinath
Download or read book Handbook of International Economics written by Gita Gopinath and published by Elsevier. This book was released on 2014-02-22 with total page 773 pages. Available in PDF, EPUB and Kindle. Book excerpt: What conclusions can be drawn from recent advances in international trade and international macroeconomics? New datasets, theoretical models, and empirical studies have resulted in fresh questions about the world trade and payment system. These chapters--six on trade and six on international macroeconomics--reveal the richness that researchers have uncovered in recent years. The chapters on foreign trade present, among other subjects, new integrated multisector analytical frameworks, the use of gravity equations for the estimation of trade flows, the role of domestic institutions in shaping comparative advantage, and international trade agreements. On international macroeconomics, chapters explore the relation between exchange rates and other macroeconomic variables; risk sharing, allocation of capital across countries, and current account dynamics; and sovereign debt and financial crises. By addressing new issues while enabling deeper and sharper analyses of old issues, this volume makes a significant contribution to our understanding of the global economy. Systematically illuminates and interprets recent developments in research on international trade and international macroeconomics Focuses on newly developing questions and opportunities for future research Presents multiple perspectives on ways to understand the global economy
Book Synopsis Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters by : Mr.Alun H. Thomas
Download or read book Exchange Rate and Foreign Interest Rate Linkages for Sub-Saharan Africa Floaters written by Mr.Alun H. Thomas and published by International Monetary Fund. This book was released on 2012-08-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper considers the determinants of exchange rate movements among sub-Saharan countries that have flexible exchange rate regimes. The determinants are based on the law of one price and interest parity conditions. Results indicate that the exchange rates have responded significantly to changes in the US Treasury bill rate and to the EMBI spread in recent years. The effects are more important for countries with open capital accounts. On the other hand the paper does not provide any support for the interest rate parity theory because domestic interest rates have no bearing on exchange rate movements.
Book Synopsis Economic Forecasting and Policy by : N. Carnot
Download or read book Economic Forecasting and Policy written by N. Carnot and published by Springer. This book was released on 2011-07-26 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic Forecasting provides a comprehensive overview of macroeconomic forecasting. The focus is first on a wide range of theories as well as empirical methods: business cycle analysis, time series methods, macroeconomic models, medium and long-run projections, fiscal and financial forecasts, and sectoral forecasting.
Book Synopsis Global Imbalances, Exchange Rates and Stabilization Policy by : A. Makin
Download or read book Global Imbalances, Exchange Rates and Stabilization Policy written by A. Makin and published by Springer. This book was released on 2009-07-23 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes key international monetary issues from a macro-foundations perspective. It proposes novel frameworks to interpret macroeconomic and financial linkages for globally integrated economies, examining global imbalances, exchange rates, interest rates, international capital flows, inflation, foreign and public debt.
Book Synopsis Rmb Exchange Rate, The: Past, Current, And Future by : Yin-wong Cheung
Download or read book Rmb Exchange Rate, The: Past, Current, And Future written by Yin-wong Cheung and published by World Scientific. This book was released on 2016-11-22 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, China's robust economic performance has propelled it to the world stage. At the same time, the world has increasingly scrutinized China's economic policies and activities. One of the hotly contested issues is China's foreign exchange rate policy. China's current reform and modernization policies to convert its centrally planned economy towards a market-driven one could hardly draw on experiences of other countries.This book provides a succinct and up-to-date account of China's exchange rate policy including the currency undervaluation debate and the internationalization of its currency. It begins with a brief history of the modern China's foreign exchange rate policy. In particular, it highlights the three Chinese policy characteristics; namely, independence, controllability and practicability, and graduality. This prologue helps to interpret China's policy on its currency, the renminbi (RMB); including its recent initiatives to promote the international use of its currency.The book covers the basic theoretical and empirical issues that are relevant for determining the equilibrium value of the RMB exchange rate and, hence, its degree of misalignment. Then it evaluates the controversy surrounding the RMB valuation debate, and highlights the sensitivity of empirical estimates of the degree of misalignment to alternative presumptions.The book also examines the timely issues related to China's recent efforts in promoting the use of its currency in the global financial market. After describing the background of China's recent efforts to internationalize the RMB, the book a) discusses the main promotional policies, including the recent Qianhai project and Shanghai Free Trade Zone initiative, b) evaluates the current status of the offshore RMB market, the level of international use of the RMB and the admission to the SDR basket, and c) assesses the future prospects of the RMB to be a global currency.
Book Synopsis Exchange Rates in South America's Emerging Markets by : Luis Molinas Sosa
Download or read book Exchange Rates in South America's Emerging Markets written by Luis Molinas Sosa and published by Cambridge University Press. This book was released on 2020-07-16 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since Meese and Rogoff (1983) results showed that no model could outperform a random walk in predicting exchange rates. Many papers have tried to find a forecasting methodology that could beat the random walk, at least for certain forecasting periods. This Element compares the Purchasing Power Parity, the Uncovered Interest Rate, the Sticky Price, the Bayesian Model Averaging, and the Bayesian Vector Autoregression models to the random walk benchmark in forecasting exchange rates between most South American currencies and the US Dollar, and between the Paraguayan Guarani and the Brazilian Real and the Argentinian Peso. Forecasts are evaluated under the criteria of Root Mean Square Error, Direction of Change, and the Diebold-Mariano statistic. The results indicate that the two Bayesian models have greater forecasting power and that there is little evidence in favor of using the other three fundamentals models, except Purchasing Power Parity at longer forecasting horizons.
Book Synopsis The Undercover Economist Strikes Back by : Tim Harford
Download or read book The Undercover Economist Strikes Back written by Tim Harford and published by Penguin. This book was released on 2015-01-06 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: A provocative and lively exploration of the increasingly important world of macroeconomics, by the author of the bestselling The Undercover Economist. Thanks to the worldwide financial upheaval, economics is no longer a topic we can ignore. From politicians to hedge fund managers to middle-class IRA holders, everyone must pay attention to how and why the global economy works the way it does. Enter Financial Times columnist and bestselling author Tim Harford. In this new book that demystifies macroeconomics, Harford strips away the spin, the hype, and the jargon to reveal the truth about how the world’s economy actually works. With the wit of a raconteur and the clear grasp of an expert, Harford explains what’s really happening beyond today’s headlines, why all of us should care, and what we can do about it to understand it better.
Book Synopsis The Left Strikes Back by : James Petras
Download or read book The Left Strikes Back written by James Petras and published by Routledge. This book was released on 2018-02-19 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: James Petras shows that the current stage of capital globalization and the weakening of the ability of established popular groups to defend themselves have generated an important organized response on the part of those whose standard of living is most undermined and threatened by the process. The book argues convincingly that we can now see the emerging forms of resistance in new, popular organizations that, while frequently local and provincial, nevertheless have developed an international consciousness. By discussing their spatial-economic focus, social base, style of political action, and political perspective, The Left Strikes Back both identifies and differentiates the different waves of the left. Further, it presents data documenting the growth, contradictions, and political challenges that confront these burgeoning socio-political movements.
