Suche nach Schlagworten '11418-3'
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Title: Exchange rates and fundamentals |
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Abstract Standard economic models hold that exchange rates are influenced by fundamental variables such as relative money supplies, outputs, inflation rates and interest rates. Nonetheless, it has been well documented that such variables little help predict changes in floating exchange rates - that is, exchange rates follow a random walk. We show that the data do exhibit a related link suggested by standard models - that the exchange rate helps predict fundamentals. We also show analytically that in a rational expectations present value model, an asset price manifests near random walk behavior if fundamentals are I(1) and the factor for discounting future fundamentals is near one. We suggest that this may apply to exchange rates. [Charles Engel ; Kenneth David West] |
Author: Engel, Charles | West, Kenneth David |
Series Title: Working paper series / European Central Bank ; 248 |
Publisher: European Central Bank |
Year: 2003 |
Language: en |
Ressource: Einzelne Arbeitspapiere, Preprints |
Keyword: G-7 countriesMoney supplyMonetary PolicyAggregate ProductionInflation rateMacroeconomic effectRandom walkRational expectations TheoryExchange rateInterest Rate |
Subject: Economic and growth policiesCurrency. Monetary policy |
Countries Scheme: Global Resources |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int) |
Title: Money and payments |
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Title (other): a modern perspective |
Abstract The role of money in society has been a controversial topic in economic theory over many years. Particular attention has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left to a governmental agency. This paper reviews the theoretical literature on these issues. It also gives an overview over some episodes of free banking where banks could issue currency themselves. Finally, we highlight several aspects in which today we have competition between issuers of money, namely in the international context, with electronic money, and in large value payments systems. [Cornelia Holthausen ; Cyril Monnet] |
Author: Holthausen, Cornelia | Monnet, Cyril |
Series Title: Working paper series / European Central Bank ; 245 |
Publisher: European Central Bank |
Year: 2003 |
Language: en |
Ressource: Einzelne Arbeitspapiere, Preprints |
Keyword: History of Economic ThoughtElectronic moneyFree bankingMoney supplyMonetary TheoryTheoryPayments |
Subject: Currency. Monetary policy |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int) |
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