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Working Paper
Currency portfolios and nominal exchange rates in a dual currency search economy
Craig, Ben R.; Waller, Christopher J. (1999)
The authors analyze a dual-currency search model in which agents may hold multiple units of both currencies. They study equilibria in which the two currencies are identical and equilibria in which the two currencies differ according to the magnitude of the "inflation tax" risk associated with each. When one currency has the right amount of risk, equilibria exist in which the safe currency trades for multiple units of the risky one (pure currency exchange). As a result, the steady state has a distribution of nominal exchange rates. The mean and variance of this distribution typically change ...
Working Papers (Old Series) , Paper 9916

Working Paper
Sterilized intervention, nonsterilized intervention, and monetary policy
Humpage, Owen F.; Craig, Ben R. (2001)
Sterilized intervention is generally ineffective. Countries that conduct monetary policy using an overnight, interbank rate as an intermediate target automatically sterilize their interventions. Nonsterilized interventions can influence nominal exchange rates, but they conflict with price stability unless the underlying shocks prompting them are domestic in origin and monetary in nature. Nonsterilized interventions, however, are unnecessary since standard open-market operations can achieve the same result.
Working Papers (Old Series) , Paper 0110

Working Paper
Capital controls and optimal Chinese monetary policy
Spiegel, Mark M.; Chang, Chun; Liu, Zheng (2013)
We examine optimal monetary policy under prevailing Chinese policies> ? including capital controls, nominal exchange rate targets, and costly sterilization of foreign capital inflows. China?s combination of capital controls and exchange rate pegs disrupts its monetary policy, precluding adjustments that could maintain macroeconomic stability following a set of shocks that mirror its experience during the global financial crisis. However, comparing different policy regimes in a consistent DSGE framework, we find that the bulk of welfare gains achieved under full liberalization can be obtained ...
Working Paper Series , Paper 2012-13

Working Paper
Time-varying consumption betas and the foreign exchange market
Hopper, Gregory P. (1994)
Working Papers , Paper 94-24

Working Paper
Monetary Policy and the Currency Denomination of Debt: A Tale of Two Equilibria
Chang, Roberto; Velasco, Andres (2004-08-01)
Exchange rate policies depend on portfolio choices, and portfolio choices depend on anticipated exchange rate policies. This opens the door to multiple equilibria in policy regimes. We construct a model in which agents optimally choose to denominate their assets and liabilities either in domestic or in foreign currency. The monetary authority optimally chooses to float or to fix the currency, after portfolios have been chosen. We identify conditions under which both fixing and floating are equilibrium policies: if agents expect fixing and arrange their portfolios accordingly, the monetary ...
Working Paper Series , Paper 2004-30

Journal Article
Truths about trade and the dollar
Mahon, Joe (2005-12)
A Minneapolis Fed directors' retreat explores the realities of international trade and foreign exchange
The Region , Volume 19 , Issue Dec , Pages 34-39

Conference Paper
Policy implications of trade and currency zones : a symposium, Jackson Hole, Wyoming, August 22-24, 1991
Davis, Thomas E. (1991)
Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Shortages of small change in early Argentina
Ennis, Huberto M. (2003)
In this note I review evidence suggesting that shortages of small change occurred in the territory of Argentina during the end of the eighteenth and the beginning of the nineteenth centuries. For the colonial period (until 1810) the main pieces of evidence are: (i) the widespread use of informal means of payment, (ii) the difficulties faced in retiring from circulation low quality subsidiary coins, and (iii) the numerous official resolutions banning the exporting of fractional money from the colonies. For the period from 1810 to 1825, the episodes surrounding the introduction of copper coins ...
Working Paper , Paper 03-12

Working Paper
Real exchange rate effects of monetary disturbances under different degrees of exchange rate flexibility: an empirical analysis
Wihlborg, Clas; Kretzmer, Peter; Glick, Reuven (1990)
Working Papers in Applied Economic Theory , Paper 90-03

Conference Paper
Derivative products in exchange rate crises
Lall, Subir; Garber, Peter M. (1996)
Proceedings

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