The Effects Of Exchange Rate Fluctuationson Output And Prices

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The Effects of Exchange Rate Fluctuationson Output and Prices

Author : Ida Aghdas Mirzaie
Publisher : International Monetary Fund
ISBN 13 : 1451860188
Total Pages : 32 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The Effects of Exchange Rate Fluctuationson Output and Prices by : Ida Aghdas Mirzaie

Download or read book The Effects of Exchange Rate Fluctuationson Output and Prices written by Ida Aghdas Mirzaie and published by International Monetary Fund. This book was released on 2003-10-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the effects of exchange rate fluctuations on real output and the price level in a sample of 33 developing countries. The theoretical model decomposes movements in the exchange rate into anticipated and unanticipated components. Unanticipated currency fluctuations help to determine aggregate demand through exports, imports, and the demand for domestic currency, and aggregate supply through the cost of imported intermediate goods. Anticipated exchange rate depreciation, through the supply channel, has limited effects on output growth and inflation. Unanticipated currency fluctuations appear more significant, with varying effects on output growth and price inflation across developing countries.

The Effects of Exchange Rate Fluctuations on Output and Prices

Author : Magda Kandil
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Effects of Exchange Rate Fluctuations on Output and Prices by : Magda Kandil

Download or read book The Effects of Exchange Rate Fluctuations on Output and Prices written by Magda Kandil and published by . This book was released on 2006 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the effects of exchange rate fluctuations on real output and the price level in a sample of 33 developing countries. The theoretical model decomposes movements in the exchange rate into anticipated and unanticipated components. Unanticipated currency fluctuations help to determine aggregate demand through exports, imports, and the demand for domestic currency, and aggregate supply through the cost of imported intermediate goods. Anticipated exchange rate depreciation, through the supply channel, has limited effects on output growth and inflation. Unanticipated currency fluctuations appear more significant, with varying effects on output growth and price inflation across developing countries.

The Effects of Exchange Rate Fluctuations on Output and Prices: Evidence from Developing Countries

Author : Magda Kandil
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (849 download)

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Book Synopsis The Effects of Exchange Rate Fluctuations on Output and Prices: Evidence from Developing Countries by : Magda Kandil

Download or read book The Effects of Exchange Rate Fluctuations on Output and Prices: Evidence from Developing Countries written by Magda Kandil and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Asymmetric Effects of Exchange Rate Fluctuations

Author : Magda Kandil
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Asymmetric Effects of Exchange Rate Fluctuations by : Magda Kandil

Download or read book The Asymmetric Effects of Exchange Rate Fluctuations written by Magda Kandil and published by International Monetary Fund. This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Asymmetric Effects of Exchange Rate Fluctuations

Author : Ms.Magda E. Kandil
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451859355
Total Pages : 33 pages
Book Rating : 4.8/5 (593 download)

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Book Synopsis The Asymmetric Effects of Exchange Rate Fluctuations by : Ms.Magda E. Kandil

Download or read book The Asymmetric Effects of Exchange Rate Fluctuations written by Ms.Magda E. Kandil and published by INTERNATIONAL MONETARY FUND. This book was released on 2000-11-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the asymmetric effects of exchange rate fluctuations on real output and price in developing countries. The theoretical model decomposes movements in the exchange rate into anticipated and unanticipated components. Unanticipated currency fluctuations determine aggregate demand through exports, imports, and the demand for domestic currency, and determine aggregate supply through the cost of imported intermediate goods. The evidence indicates that the supply channel leads to output contraction and price inflation in the face of unanticipated currency depreciation. In contrast, the reduction in net exports determines output contraction without reducing price inflation in the face of unanticipated currency appreciation.

International Policy Coordination and Exchange Rate Fluctuations

Author : William H. Branson
Publisher : University of Chicago Press
ISBN 13 : 0226071383
Total Pages : 396 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis International Policy Coordination and Exchange Rate Fluctuations by : William H. Branson

Download or read book International Policy Coordination and Exchange Rate Fluctuations written by William H. Branson and published by University of Chicago Press. This book was released on 2007-12-01 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the five largest industrial democracies concluded the Plaza Agreement in 1985, the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies. In these papers and comments, prominent international economists consider past and present interpretations of the meaning of international policy coordination; conditions necessary for coordination to be beneficial both to the direct participants and the global economy; influential factors for the quantitative impact of coordination; obstacles to coordination; the most—and least—effective methods of coordination; and future directions of the coordination process, including processes associated with greater fixity of exchange rates. These studies will be readily accessible to policymakers, while offering sophisticated analyses to interested scholars of the global economy.

Exchange Rates

Author : Natalie B. Perkins
Publisher :
ISBN 13 : 9781612095059
Total Pages : 0 pages
Book Rating : 4.0/5 (95 download)

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Book Synopsis Exchange Rates by : Natalie B. Perkins

Download or read book Exchange Rates written by Natalie B. Perkins and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In finance, the exchange rates between two currencies specifies how much one currency is worth in terms of the other. This new book presents topical research on the policies, effects and fluctuations of exchange rates. Topics discussed include the effects of exchange rate fluctuations on real output, the price level, and the real value of components of aggregate demand in Egypt and Turkey; the role of CEECs exchange rates in monetary policy rules; the competitiveness of exchange rate fluctuations in Middle Eastern countries; foreign exchange rate exposure of Chinese firms in the new exchange rate regime and exchange rate flexibility and real adjustments in emerging market economies.

Exchange Rate Fluctuations and Output in Oil-Producing Countries

Author : Mohsen Bahmani-Oskooee
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Exchange Rate Fluctuations and Output in Oil-Producing Countries by : Mohsen Bahmani-Oskooee

Download or read book Exchange Rate Fluctuations and Output in Oil-Producing Countries written by Mohsen Bahmani-Oskooee and published by International Monetary Fund. This book was released on 2007-05 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional wisdom states that currency depreciation in oil-producing countries are contractionary because demand effects, limited by the prevalence of oil exports priced in dollars, are more than offset by adverse supply effects. Iran, however, has experienced a rapid increase in non-oil exports in the last decade. Against this background, the paper tests whether the conventional wisdom still applies to Iran and concludes that the emergence of the non-oil export sector has made currency depreciation expansionary. The expansionary effect is particularly evident with respect to anticipated persistent depreciation in the long-run. Notwithstanding the varying effects of exchange rate fluctuations on the demand and supply sides of the economy, managing a flexible exchange rate gradually over time towards achieving stability in the real effective exchange rate may strike the necessary balance.

Exchange Rate Volatility, Pricing to Market and Trade Smoothing

Author : Mr.Peter B. Clark
Publisher : International Monetary Fund
ISBN 13 : 1451936621
Total Pages : 40 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Exchange Rate Volatility, Pricing to Market and Trade Smoothing by : Mr.Peter B. Clark

Download or read book Exchange Rate Volatility, Pricing to Market and Trade Smoothing written by Mr.Peter B. Clark and published by International Monetary Fund. This book was released on 1997-10-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Exchange Rate Fluctuations and Disaggregated Economic Activity in the Us

Author : Magda Kandil
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Exchange Rate Fluctuations and Disaggregated Economic Activity in the Us by : Magda Kandil

Download or read book Exchange Rate Fluctuations and Disaggregated Economic Activity in the Us written by Magda Kandil and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the extent to which exchange rate fluctuations affect the US sectoral output and price. The evidence indicates that the expansionary and contractionary effects cancel out in determining industrial real output growth in the face of exchange rate fluctuations. More importantly, there is evidence of a reduction in price inflation in several industries, which is statistically significant in Finance, in response to dollar appreciation. This evidence is consistent with the reduction in aggregate demand through the decline in net exports and the increase in aggregate supply through the reduction in the cost of imported intermediate goods.

Exchange Rate Dynamics

Author : Jean-Olivier Hairault
Publisher : Routledge
ISBN 13 : 1134426135
Total Pages : 320 pages
Book Rating : 4.1/5 (344 download)

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Book Synopsis Exchange Rate Dynamics by : Jean-Olivier Hairault

Download or read book Exchange Rate Dynamics written by Jean-Olivier Hairault and published by Routledge. This book was released on 2004 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book builds upon the seminal work by Obsfeld and Rogoff, Foundations of International Macroeconomics and provides a coherent and modern framework for thinking about exchange rate dynamics.

Essays on Rational Expectations and Flexible Exchange Rates

Author : Nasser Saidi
Publisher : Routledge
ISBN 13 : 1351804847
Total Pages : 205 pages
Book Rating : 4.3/5 (518 download)

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Book Synopsis Essays on Rational Expectations and Flexible Exchange Rates by : Nasser Saidi

Download or read book Essays on Rational Expectations and Flexible Exchange Rates written by Nasser Saidi and published by Routledge. This book was released on 2017-07-14 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1982. This book deals with exchange-rate determination and the implications of floating rate regimes for the time paths of prices and quantities. It develops a class of stochastic equilibrium models of the open economy operating under flexible exchange rates, assuming that agents are endowed with rational expectations but do not possess full current information as to the state of the world. Chapters look at a model’s response to economic disturbances, the effect on non-traded goods, and cyclical variations of the terms of trade. The final chapter considers a model to investigate purchasing parity issues.

The Responsiveness of Consumer Prices to Exchange Rates and the Implications for Exchange-rate Policy

Author : Charles Engel
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Responsiveness of Consumer Prices to Exchange Rates and the Implications for Exchange-rate Policy by : Charles Engel

Download or read book The Responsiveness of Consumer Prices to Exchange Rates and the Implications for Exchange-rate Policy written by Charles Engel and published by . This book was released on 2002 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The traditional case for flexibility in nominal exchange rates assumes that there is nominal price stickiness that prevents relative prices from adjusting in response to real shocks. When prices are sticky in producers' currencies, nominal exchange rate changes can achieve the relative price change that is required between home and foreign goods. The nominal exchange rate flexibility provides the desired 'expenditure-switching' effect of relative price changes. But if prices are fixed ex ante in consumers' currencies, nominal exchange rate flexibility cannot achieve any relative price adjustment. In fact, nominal exchange rate fluctuations are undesirable because they lead to deviations from the law of one price. So, fixed exchange rates are optimal. The empirical literature appears to support the notion that prices are sticky in consumers' currencies. This paper surveys the approaches taken in the new open economy macroeconomic literature to formalize the role of optimal monetary policy. The survey explores how this literature has dealt with the empirical evidence on pass-through of exchange rate changes to consumer prices.

Real Exchange Rate Fluctuations and the Business Cycle

Author : Mr.Bankim Chadha
Publisher : International Monetary Fund
ISBN 13 : 1451855338
Total Pages : 34 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Real Exchange Rate Fluctuations and the Business Cycle by : Mr.Bankim Chadha

Download or read book Real Exchange Rate Fluctuations and the Business Cycle written by Mr.Bankim Chadha and published by International Monetary Fund. This book was released on 1996-11-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the relationship between the real exchange rate and the business cycle in Japan during the floating rate period. A structural vector autoregression is used to identify different types of macroeconomic shocks that determine fluctuations in aggregate output and the real exchange rate. Relative nominal and real demand shocks are found to be the main determinants of variation in real exchange rate changes, while relative output growth is driven primarily by supply shocks. Historical decompositions suggest that the sharp appreciations of the yen in 1993 and 1995 and its subsequent depreciation can be attributed primarily to relative nominal shocks.

Inflation in Emerging and Developing Economies

Author : Jongrim Ha
Publisher : World Bank Publications
ISBN 13 : 1464813760
Total Pages : 513 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Inflation in Emerging and Developing Economies by : Jongrim Ha

Download or read book Inflation in Emerging and Developing Economies written by Jongrim Ha and published by World Bank Publications. This book was released on 2019-02-24 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.

Monetary Policy Under Flexible Exchange Rates

Author : Pierre-Richard Agénor
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4./5 ( download)

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Book Synopsis Monetary Policy Under Flexible Exchange Rates by : Pierre-Richard Agénor

Download or read book Monetary Policy Under Flexible Exchange Rates written by Pierre-Richard Agénor and published by World Bank Publications. This book was released on 2000 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few years, a number of central banks have adopted inflation targeting for monetary policy. The author provides an introduction to inflation targeting, with an emphasis on analytical issues, and the recent experience of middle- and high-income developing countries (which have relatively low inflation to begin with, and reasonably well-functioning financial markets). After presenting a formal analytical framework, the author discusses the basic requirements for inflation targeting, and how such a regime differs from money, and exchange rate targeting regimes. After discussing the operational framework for inflation targeting (including the price index to monitor the time horizon, the forecasting procedures, and the role of asset prices), he examines recent experiences with inflation targets, providing new evidence on the convexity of the Phillips curve for six developing countries. His conclusions: Inflation targeting is a flexible policy framework that allows a country's central bank to exercise some degree of discretion, without putting in jeopardy its main objective of maintaining stable prices. In middle- and high-income developing economies that can refrain from implicit exchange rate targeting, it can improve the design, and performance of monetary policy, compared with other policy approaches that central banks may follow. Not all countries may be able to satisfy the technical requirements (such as adequate price data, adequate understanding of the links between instruments, and targets of monetary policy, and adequate forecasting capabilities), but such requirements should not be overstated. Forecasting capability can never be perfect, and sensible projections always involve qualitative judgment. More important, and often more difficult, is the task of designing, or improving an institutional framework that would allow the central bank to pursue the goal of low, stable inflation, while maintaining the ability to stabilize fluctuations in output.

Exchange Rate Economics

Author : Ronald MacDonald
Publisher : Taylor & Francis
ISBN 13 : 1134801262
Total Pages : 465 pages
Book Rating : 4.1/5 (348 download)

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Book Synopsis Exchange Rate Economics by : Ronald MacDonald

Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Taylor & Francis. This book was released on 2007-03-12 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2007. Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence, and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates. Core topics covered include: • the purchasing power parity hypothesis and the PPP puzzle; • the monetary and portfolio-balance approaches to exchange rates; • the new open economy macroeconomics approach to exchange rates; and • the determination of exchange rates in target zone models and speculative attack models. Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach. The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners concerned with issues relating to equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.