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Unemployment Persistence, Central Bank Independence and Inflation Performance in the OECD Countries
Finds that there is a strong correlation between persistent unemployment and central bank independence.
Tango with the Gringo:The hard peg and real misalignment in Argentina
Between 1990 and 2001 the Argentine peso appreciated by 80 percent in real terms, and its overvaluation has been singled out as one of the main suspects in the debate on the causes of the Argentina collapse of late 2001. This paper assesses the degree of real misalignment in Argentina over the Convertibility period using a model in which the equilibrium real exchange rate is defined as the value consistent with (i) a balance of payments position where any current account imbalance is financed by a sustainable flow of international capital (external equilibrium), and (ii) traded/nontraded sector productivity differentials (internal equilibrium). Empirical implementation of the model suggests ...
Internal and External Exchange Rate Equilibrium in a Cointegration Framework
Theoretical framework; The empirical model; Estimation and orthogonal decomposition; Empirical analysis.
When May Peseta Depreciations Fuel Inflation?
Se considera que la relación entre el ratio de cambio nominal y las fluctuaciones de los precios depende de la naturaleza del impacto de las perturbaciones en la economía. Aplicado a España se utiliza un modelo SVAR.
Global Equilibrium Exchange Rates
This paper presents a methodology for calculating bilateral equilibrium exchange rates for a panel of currencies in a way that guarantees global consistency. The methodology has three parts: a theoretical model that encompasses the balance of payments and the Balassa-Samuelson approaches to real exchange rate determination; an unobserved components decomposition in a cointegration framework that identifies a time-varying equilibrium real exchange rate; and an algebraic transformation that extracts bilateral equilibrium nominal rates. The results uncover that, by the start of Stage III of the European Economic and Monetary Union (EMU), the euro was significantly undervalued against the dollar and the pound, but overvalued against the yen. The paper also shows that the four major EMU currencies locked their parities with the euro at a rate close to equilibrium.
Is There Scope for Inflation Differentials in EMU?
El resumen de este documento puede consultarse en la version publicada por el Bank of Finland y recogida en el Boletin de Instituciones Economicas Europeas numero 91. (mac).
