A single market for Europe?
Unconventional monetary policy and the dollar
Although the Federal Reserve does not target the dollar, its announcements about monetary policy changes can affect the dollar?s exchange value. Before the 2007-09 financial crisis, the dollar?s value generally fell when the Fed lowered its target for the federal funds rate. Since the crisis, the Fed?s announcements of monetary policy easing through unconventional means have had similar effects on the dollar?s exchange rate.
Is pegging the exchange rate a cure for inflation? East Asian experiences
A common argument for pegging the exchange rate is that it enforces discipline on domestic monetary policy, thus stabilizing inflation expectations. This paper argues that this reasoning does not necessarily apply to East Asia, as the nominal exchange rate pegging policies of these economies are not the explanation for their low inflation. On the contrary, since 1985, those economies whose currencies have appreciated less against the U.S. dollar have tended to experience higher inflation. Factors other than pegging, such as rapid growth, sustainable budget deficits, and relative openness ...
European financial integration and monetary policy
Monetary policy, intervention, and exchange rates in Japan
Monetary policy in Pacific Basin countries
Prospects for Asia and the Global Economy: conference summary
A new volume, Prospects for Asia and the Global Economy, summarizes the 2013 Asia Economic Policy Conference hosted by the Federal Reserve Bank of San Francisco?s Center for Pacific Basin Studies. The conference focused on challenges faced by policymakers in advanced and emerging economies as they continue to recover from the recent global financial crisis. Issues discussed included the monetary policy spillovers from advanced economies to emerging markets, the costs and benefits of foreign reserve accumulation, and the desirability of macroprudential interventions, restrictions on ...
Sterilization, monetary policy, and global financial integration
This paper investigates the changing pattern and efficacy of sterilization within emerging market countries as they liberalize markets and integrate with the world economy. We estimate the marginal propensity to sterilize foreign asset accumulation associated with net balance of payments inflows, across countries and over time. We find that the extent of sterilization of foreign reserve inflows has risen in recent years to varying degrees in Asia as well as in Latin America, consistent with greater concerns about the potential inflationary impact of reserve inflows. We also find that ...
Japan's stock market