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On the Evolution of US Foreign-Exchange-Market Intervention: Thesis, Theory, and Institutions

Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz

in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century

Published in print:
2015
Published Online:
September 2015
ISBN:
9780226051482
eISBN:
9780226051512
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226051512.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

In this introductory chapter, we offer a cursory overview of the book’s main thesis and helpful background information about US foreign-exchange operations. We start by briefly describing how the ... More


Should Inflation Targeters Intervene in the Foreign Exchange Market?

Atish R. Ghosh, Jonathan D. Ostry, and Mahvash S. Qureshi

in Taming the Tide of Capital Flows: A Policy Guide

Published in print:
2018
Published Online:
September 2018
ISBN:
9780262037167
eISBN:
9780262343756
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262037167.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter addresses whether foreign exchange (FX) intervention—and, more generally, activist policies including the use of macroprudential measures and capital controls—is really incompatible with ... More


Lessons from the Evolution of US Monetary and Intervention Policies

Michael D. Bordo, Owen F. Humpage, and Anna J. Schwartz

in Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century

Published in print:
2015
Published Online:
September 2015
ISBN:
9780226051482
eISBN:
9780226051512
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226051512.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

In this chapter, we summarize the main arguments of the book and draw lessons for future policy makers. Using the fundamental trilemma of international finance as its organizing principle, the ... More


Modelling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New Keynesian Framework

Jaromir Benes, Andrew Berg, Rafael Portillo, and David Vavra

in Monetary Policy in Sub-Saharan Africa

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198785811
eISBN:
9780191827624
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198785811.003.0013
Subject:
Economics and Finance, Macro- and Monetary Economics, Behavioural Economics

The authors study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analysing their implications for inflation, output and the exchange rate in the presence of ... More


Effectiveness of Policy Instruments

Atish R. Ghosh, Jonathan D. Ostry, and Mahvash S. Qureshi

in Taming the Tide of Capital Flows: A Policy Guide

Published in print:
2018
Published Online:
September 2018
ISBN:
9780262037167
eISBN:
9780262343756
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262037167.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter assesses evidence on the effectiveness of various policy tools—foreign exchange (FX) intervention, nondiscriminatory macroprudential policies, capital controls, and currency-based ... More


Monetary Policy and External Shocks in a Semidollarized Economy

Oscar Dancourt

in Macroeconomics and Development: Roberto Frenkel and the Economics of Latin America

Published in print:
2016
Published Online:
September 2016
ISBN:
9780231175081
eISBN:
9780231541213
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231175081.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

the chapter discusses the adequate monetary policy response to management of external shocks that deteriorate the balance of payments and contracts aggregate demand. To this end the author develops ... More


Living with the Fear of Floating: An Optimal Policy Perspective

Amartya Lahiri and Carlos A. Végh (eds)

in Preventing Currency Crises in Emerging Markets

Published in print:
2002
Published Online:
February 2013
ISBN:
9780226184944
eISBN:
9780226185057
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226185057.003.0015
Subject:
Economics and Finance, International

This chapter describes the policies aimed at defending a currency under attack. It utilizes a theoretical model to compute the monetary authorities' optimal reaction to a demand for money shock. It ... More


Toward the Policy Maker’s Vade Mecum

Atish R. Ghosh, Jonathan D. Ostry, and Mahvash S. Qureshi

in Taming the Tide of Capital Flows: A Policy Guide

Published in print:
2018
Published Online:
September 2018
ISBN:
9780262037167
eISBN:
9780262343756
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262037167.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter provides concrete policy advice for dealing with capital inflows. In sum, once the monetary authorities have allowed the exchange rate to appreciate to a level that is not undervalued ... More


The Requisites of Macroeconomic Stability

Vijay Joshi

in India's Long Road: The Search for Prosperity

Published in print:
2017
Published Online:
March 2017
ISBN:
9780190610135
eISBN:
9780190610166
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190610135.003.0008
Subject:
Economics and Finance, International

This chapter examines India’s performance as regards the three components of macroeconomic stability: internal balance, external balance, and fiscal sustainability. It also delineates the contours of ... More


The Short-Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and International Reserve Policy

Andrew Berg, Tokhir Mirzoev, Rafael Portillo, and Luis-Felipe Zanna

in Monetary Policy in Sub-Saharan Africa

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198785811
eISBN:
9780191827624
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198785811.003.0012
Subject:
Economics and Finance, Macro- and Monetary Economics, Behavioural Economics

The authors develop a tractable two-sector New Keynesian model to analyse the short-term effects of aid-financed fiscal expansions. The analysis distinguishes between spending the aid (increasing ... More


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