Open Economies Review
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Introduction to the Special Issue on “Exchange Rates, Financial Integration and Uncertainty”
Open Economies Review - Tập 31 - Trang 213-217 - 2020
Monetary Policy Strategies in Advanced and Emerging Economies
Open Economies Review - - Trang 1-23 - 2024
We investigate the time-series properties of the price level in advanced and emerging economies. We are motivated by the debate of whether central banks should accommodate past inflation shock under inflation targeting or reverse past inflation shock as with price-level targeting or average inflation targeting. We use time series data for G7 and E7 countries and examine the integration properties ......
The International Monetary System
Open Economies Review - Tập 9 - Trang 701-708 - 1998
This paper outlines the main features of the present international monetary system and the challenges that policy makers face.
Central Bank Autonomy, the Exchange Rate Constraint and Inflation: The Case of Italy, 1970–1992
Open Economies Review - Tập 8 - Trang 31-49 - 1997
This paper analyzes the determinants of inflation in Italy over the period 1970–1992. Particular emphasis is placed on the role of central bank independence in influencing monetary growth, and on the role of monetary growth and of the Exchange rate Mechanism (ERM) in affecting inflation. In the 1970s and early 1980s, when the Bank of Italy lacked independence and the ERM was still not credible, mo......
The global economic consequences of the Uruguay Round
Open Economies Review - Tập 6 - Trang 111-129 - 1995
This paper examines the provisions of the recently completed Uruguay Round and evaluates the qualitative and quantitative effects of the Round on major countries and regions of the world. The implications of the Uruguay Round are measured using the G-cubed multicountry model. This model captures macroeconomic and sectoral linkages within the global economy. This study differs from other studies in......
Crime, Terror and Corruption and Their Effect on Private Investment in Israel
Open Economies Review - Tập 22 - Trang 635-648 - 2009
There are a number of mechanisms through which illegal activity can affect economic activity. Until now, most empirical research that has attempted to quantify the negative effects of illegal activity on economic performance has used international cross-section comparisons. The present study is apparently the first attempt in the literature to examine directly the effects of crime and corruption (......
The Aftermath of Anti-Dumping: Are Temporary Trade Barriers Really Temporary?
Open Economies Review - Tập 33 - Trang 677-704 - 2021
A consistent finding in the literature is that anti-dumping (AD) acts as a significant barrier to bilateral trade, in particular, during the time such measures are in force. Adding to a relatively scarce empirical literature, however, we identify adverse impacts of AD which survive well beyond its revocation. More specifically, while we cannot rule out a slight post-revocation recovery, we find em......
Implications of Exchange Rate Pass-Through and Nontradable Goods for International Policy Cooperation
Open Economies Review - Tập 25 - Trang 771-795 - 2014
This paper investigates the welfare consequences of international policy cooperation by simultaneously introducing the following three elements in a standard two-country general equilibrium model: (i) general degrees of exchange rate pass-through, (ii) nontradable goods and their sector-specific productivity shocks, and (iii) general weights on goods in Cobb–Douglas consumption indices. There are ......
Optimal Contracts for Central Bankers: Inflation versus Money Supply and Exchange Rate Targets
Open Economies Review - Tập 8 - Trang 5-29 - 1997
Some recent papers have shown how a simple contract can eliminate the inflationary bias of discretionary monetary policy. This paper shows that if the central banker is risk averse, a contract in terms of money is superior to one in terms of inflation. The paper also shows that, if the central banker cares about his reappointment, an exchange rate target might always leads to the implementation of......
Econometric Aspects of Convergence: A Survey
Open Economies Review - - Trang 1-21 - 2024
The literature on convergence in per-capita income across countries has not converged on a common concept of convergence. It may be within a country towards its own steady state or between countries. Between country convergence may be absolute convergence to the same steady state; conditional convergence to country specific steady states, functions of observed variables; or club convergence to dif......
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