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Keywords:Foreign exchange 

Journal Article
The purchasing power parity doctrine

An abstract for this article is not available
Economic Review , Volume 65 , Issue May , Pages 3-13

Journal Article
An examination of international trade data in the 1980s

This article examines three competing hypotheses and their ability to explain events in international financial markets during the 1980s. The rival hypotheses view the trade deficit as caused alternatively by large U.S. budget deficits, by tight U.S. monetary policy, or by real shocks to investment resulting from changes in the U.S. tax code. While no entirely consistent explanation emerges, the real-shock hypothesis seems to match the data best.
Economic Review , Volume 75 , Issue Mar , Pages 21-27

Journal Article
Currency conundrum : why are exchange rates out of sync with other economic indicators?

Econ Focus , Volume 10 , Issue Win , Pages 29-31

Report
Intervention strategies and exchange rate volatility: a noise trading perspective

This paper estimates and explains the impact of U.S. sterilized intervention on exchange rate volatility. We find that U.S. intervention reduced both yen/dollar and DM/dollar exchange rate volatilities during 1985-86, but increased them during 1987-89. These results make sense in a noise trading framework where the effectiveness of sterilized intervention may depend critically on the shrewdness of intervention strategies. Depending on circumstances, central banks may use noise trading channels through covert intervention, or activate signaling channels through overt intervention. The ...
Research Paper , Paper 9515

Report
The implications of monetary versus bond financing of debt-peso swaps

Research Paper , Paper 9005

Report
New varieties of foreign currency options

Research Paper , Paper 9331

Report
U.S. external imbalances: financial strains and macroeconomic choices

Research Paper , Paper 9003

Report
Financial amplification of foreign exchange risk premia

Theories of systemic risk suggest that financial intermediaries? balance-sheet constraints amplify fundamental shocks. We provide supporting evidence for such theories by decomposing the U.S. dollar risk premium into components associated with macroeconomic fundamentals and a component associated with financial intermediaries? balance sheets. Relative to the benchmark model with only macroeconomic state variables, balance sheets amplify the U.S. dollar risk premium. We discuss applications to systemic risk monitoring.
Staff Reports , Paper 461

Report
Technology diffusion within central banking: the case of real-time gross settlement

We examine the diffusion of real-time gross settlement (RTGS) technology across all 174 central banks. RTGS reduces settlement risk and facilitates financial innovation in the settlement of foreign exchange trades. In 1985, only three central banks had implemented RTGS systems, and by year-end 2005, that number had increased to ninety. We find that the RTGS diffusion process is consistent with the standard S-curve prediction. Real GDP per capita, the relative price of capital, and trade patterns explain a significant part of the cross-country variation in RTGS adoption. These determinants are ...
Staff Reports , Paper 260

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Neely, Christopher J. 25 items

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Foreign exchange 221 items

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