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Working Paper
Exchange rates, optimal debt composition, and hedging in small open economies
Berrospide, Jose M. (2008)
This paper develops a model of the firm's choice between debt denominated in local currency and that denominated in foreign currency in a small open economy characterized by exchange rate risk and hedging possibilities. The model shows that the currency composition of debt and the level of hedging are endogenously determined as optimal firms' responses to a tradeoff between the lower cost of borrowing in foreign debt and the higher risk of such borrowing due to exchange rate uncertainty. Both the composition of debt and the level of hedging depend on common factors such as foreign exchange ...
Finance and Economics Discussion Series , Paper 2008-18

Speech
Current account : a speech at Advancing Enterprise 2005 Conference, London, England, February 4, 2005
Greenspan, Alan (2005)
Speech , Paper 72

Report
Testing under non-standard conditions in frequency domain: with applications to Markov regime-switching models of exchange rates and federal funds rate
Mariano, Roberto S.; Gong, Fangxiong (1997)
We propose two test statistics in the frequency domain and derive their exact asymptotic null distributions under the condition of unidentified nuisance parameters. The proposed methods are particularly applicable in unobserved components models. Also, it is shown that the tests have considerable power when applied to a class of Markov regime switching models. We show that, after transforming the Markov regime switching model into the frequency domain representation we only have to face the issue of unidentified nuisance parameters in a nonlinear context. The singularity problem disappears. ...
Staff Reports , Paper 23

Report
Employment versus wage adjustment and the U.S. dollar
Goldberg, Linda S.; Campa, Jose Manuel (1998)
Using two decades of annual data, we explore the links between real exchange rates and employment, wages and overtime activity in specific U.S. manufacturing industries. Across two-digit industry levels of aggregation, exchange rate movements do not have large effects on numbers of jobs or on hours worked. More substantial effects are picked up in industry wages, especially for industries characterized by low price-over-cost markup ratios, and in overtime wages and overtime employment. The industry-by-industry pattern of wage responsiveness is not strongly related to industry export ...
Staff Reports , Paper 56

Journal Article
Is pegging the exchange rate a cure for inflation? East Asian experiences
Glick, Reuven; Moreno, Ramon (1995)
FRBSF Economic Letter

Journal Article
The case for flexible exchange rates, 1969
Johnson, Harry G. (1969-06)
Review , Volume 51 , Issue June

Working Paper
The Taylor rule and forecast intervals for exchange rates
Wang, Jian; http://fedora:8080/fcrepo/rest/objects/authors/ (2009)
This paper attacks the Meese-Rogoff (exchange rate disconnect) puzzle from a different perspective: out-of-sample interval forecasting. Most studies in the literature focus on point forecasts. In this paper, we apply Robust Semi-parametric (RS) interval forecasting to a group of Taylor rule models. Forecast intervals for twelve OECD exchange rates are generated and modified tests of Giacomini and White (2006) are conducted to compare the performance of Taylor rule models and the random walk. Our contribution is twofold. First, we find that in general, Taylor rule models generate tighter ...
International Finance Discussion Papers , Paper 963

Journal Article
Should states fear the effects of a changing dollar?
Carlino, Gerald A. (1990-09)
Business Review , Issue Sep , Pages 3-12

Working Paper
On discretion versus commitment and the role of the direct exchange rate channel in a forward-looking open economy model
Guender, Alfred V. (2002)
Irrespective of whether discretion or commitment to a binding rule guides the conduct of monetary policy, the existence of a direct exchange rate channel in the Phillips Curve causes the behavior of the key economic variables in the open economy to be dramatically different from that in the closed economy. In the open economy, the policymaker can no longer perfectly stabilize real output and the rate of inflation in the face of IS and UIP shocks as well as shocks to foreign inflation. If the exchange rate channel in the Phillips Curve is operative, then in the open economy the policymaker ...
Pacific Basin Working Paper Series , Paper 2002-04

Working Paper
Optimal simple targeting rules for small open economies
Dennis, Richard (2000)
This paper solves for optimal policy rules in a stylized small open economy model under a spectrum of targeting regimes. These policy reaction functions are presented as feedback rules highlighting the dominant state variables in each rule. Optimal simple rules - rules that exploit a reduced information set - are explored to assess how much is lost when information is excluded from the optimal state-contingent rule. For the model analyzed we find that some optimal simple rules can approximate reasonably well the optimal state-contingent rule, these simple rules contain the real exchange rate. ...
Working Paper Series , Paper 2000-20

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