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Author:Glick, Reuven 

Conference Paper
Banking and currency crises; how common are twins?

Proceedings , Issue Sep

Journal Article
Exchange rates and monetary policy

Economic Review , Issue Spr , Pages 17-29

Working Paper
“Conditional PPP” and Real Exchange Rate Convergence in the Euro Area

While economic theory highlights the usefulness of flexible exchange rates in promoting adjustment in international relative prices, flexible exchange rates also can be a source of destabilizing shocks. We find that when countries joining the euro currency union abandoned their national exchange rates, the adjustment of real exchange rates toward their long-run equilibrium surprisingly became faster. To investigate, we distinguish between differing rates of purchasing power parity (PPP) convergence conditional on alternative shocks, which we refer to as ?conditional PPP.? We find that the ...
Working Paper Series , Paper 2016-29

Working Paper
Currency unions and trade: a post-EMU mea culpa

In our European Economic Review (2002) paper, we used pre-1998 data on countries participating in and leaving currency unions to estimate the effect of currency unions on trade using (then-) conventional gravity models. In this paper, we use a variety of empirical gravity models to estimate the currency union effect on trade and exports, using recent data which includes the European Economic and Monetary Union (EMU). We have three findings. First, our assumption of symmetry between the effects of entering and leaving a currency union seems reasonable in the data but is uninteresting. Second, ...
Working Paper Series , Paper 2015-11

Journal Article
Is pegging the exchange rate a cure for inflation? East Asian experiences

FRBSF Economic Letter

Working Paper
Mussa redux and conditional PPP

Long half-lives of real exchange rates are often used as evidence against monetary sticky price models. In this study we show how exchange rate regimes alter the long-run dynamics and half-life of the real exchange rate, and we recast the classic defense of such models by Mussa (1986) from an argument based on short-run volatility to one based on long-run dynamics. The first key result is that the extremely persistent real exchange rate found commonly in post Bretton Woods data does not apply to the preceding fixed exchange rate period in our sample, where the half-live was roughly half as ...
Working Paper Series , Paper 2012-14

Journal Article
U.S. international trade and competitiveness

FRBSF Economic Letter

Journal Article
Japanese capital outflows

FRBSF Economic Letter

Working Paper
Asset class diversification and delegation of responsibilities between central banks and sovereign wealth funds

This paper presents a model comparing the optimal degree of asset class diversification abroad by a central bank and a sovereign wealth fund. We show that if the central bank manages its foreign asset holdings in order to meet balance of payments needs, particularly in reducing the probability of sudden stops in foreign capital inflows, it will place a high weight on holding safer foreign assets. In contrast, if the sovereign wealth fund, acting on behalf of the Treasury, maximizes the expected utility of a representative domestic agent, it will opt for relatively greater holding of more ...
Working Paper Series , Paper 2010-20

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