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Journal Article
Derivative markets and competitiveness
Napoli, Janet (1992-07)
Economic Perspectives , Volume 16 , Issue Jul

Journal Article
The discount rate, interest rates and foreign exchange rates: an analysis with daily data
Thornton, Daniel L.; Batten, Dallas S. (1985-02)
Review , Volume 67 , Issue Feb , Pages 22-30

Report
The international role of the dollar: Does it matter if this changes?
Goldberg, Linda S. (2011)
There is often speculation that the international roles of currencies may be changing. This paper presents the current status of these roles. The U.S. dollar continues to be the dominant currency across various uses. Yet, such a role may change over time. If this occurs, there could be consequences for seignorage returns, U.S. funding costs, the dollar?s value, U.S. insulation from foreign shocks, and U.S. global influence. The paper concludes with a discussion of recent research on related themes and questions for future study.
Staff Reports , Paper 522

Journal Article
International financial crises, past and present
Cheng, Hang-Sheng (1986-10)
Economic Review , Issue Fall , Pages 13-23

Journal Article
The Tobin tax
Schmid, Frank A. (2001-11)
International Economic Trends , Issue Nov

Working Paper
The case for foreign exchange intervention: the government as an active reserve manager
Neely, Christopher J. (2005)
This paper argues that major governments should actively manage their foreign exchange portfolios to maximize the risk-adjusted return to the taxpayer by exploiting long-term, fundamental based predictability in floating exchange rates. Such transactions?equivalent to foreign exchange intervention?would improve welfare by transferring risk from private agents to the risk-tolerant government. Interventions explicitly designed to profit the reserve management authority would be more likely to be successful and, to the extent that they are, would reduce resource misallocation.
Working Papers , Paper 2004-031

Report
Purchasing power parity: three stakes through the heart of the unit root null
Higgins, Matthew; Zakrajšek, Egon (1999)
A recent influential paper (O'Connell 1998) argues that panel data evidence in favor of purchasing power parity disappears once test procedures are altered to accommodate heterogeneous cross-sectional dependence among real exchange rate innovations. We present evidence to the contrary. First, we modify two extant panel unit root panel unit root tests to eliminate the upward size distortion induced by contemporaneous cross-sectional dependence. Second, we exploit a recently-introduced test, based on SUR techniques, that also remains valid in the presence of cross-sectional dependence. Using ...
Staff Reports , Paper 80

Working Paper
Monetary policy and the currency denomination of debt: a tale of two equilibria
Velasco, Andres; Chang, Roberto (2004)
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

Working Paper
If exchange rates are random walks then almost everything we say about monetary policy is wrong
Kehoe, Patrick J.; Alvarez, Fernando; Atkeson, Andrew (2007)
The key question asked by standard monetary models used for policy analysis is how do changes in short term interest rates affect the economy. All of the standard models imply that such changes in interest rates affect the economy by altering the conditional means of the macroeconomic aggregates and have no effect on the conditional variances of these aggregates. We argue that the data on exchange rates imply nearly the opposite: fluctuations in interest rates are associated with nearly one-for-one changes in conditional variances and nearly no changes in conditional means. In this sense ...
Working Papers , Paper 650

Report
Could capital gains smooth a current account rebalancing?
Tille, Cedric; Cavallo, Michele (2006)
A narrowing of the U.S. current account deficit through exchange rate movements is likely to entail a substantial depreciation of the dollar, as stressed in research by Obstfeld and Rogoff. We assess how the adjustment is affected by the high degree of financial integration in the world economy. A growing body of research emphasizes the increasing leverage in international financial positions, with industrialized economies holding substantial and growing financial claims on each other. Exchange rate movements then lead to valuation effects as the currency composition of a country's assets and ...
Staff Reports , Paper 237

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