Exchange rate unions: a comparison with currency basket and floating rate regimes
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Helsinki
ETLA
1995
|
| Series: | Elinkeinoelämän Tutkimuslaitos <Helsinki>: [Julkaisuja / A]
21 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Zugl.: Helsinki, Univ., Diss., 1995 |
| Physical Description: | III, 336, [13] S. graph. Darst. |
| ISBN: | 9516282199 |
Staff View
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Record in the Search Index
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| adam_text | CONTENTS
1 INTRODUCTION 1
2 A SURVEY OF THE THEORIES OF EXCHANGE
RATE REGIMES 6
3 THE THEORETICAL FRAMEWORK OF THE CURRENT
STUDY 24
4 A STATIC THREE COUNTRY MODEL 29
4.1 Structure of the model 29
4.2 Domestic shocks in the small country 41
4.3 Foreign shocks 50
4.3.1 Output effects collected 50
4.3.2 Goods demand shocks in the big
countries 55
4.3.2.1 Shocks in country 1 55
4.3.2.2 Shocks in country 2 79
4.3.3 Monetary shocks in the big
countries 87
4.3.3.1 Shocks in country 1 87
4.3.3.2 Shocks in country 2 105
4.3.4 Productivity shocks in the big
countries 115
4.3.4.1 Shocks in country 1 115
4.3.4.2 Shocks in country 2 121
4.4 An evaluation of the exchange rate regimes
using static models with static expectations 125
4.4.1 Comparison of the effects in the case
of different shocks 125
4.4.2 An overall evaluation of the regimes 135
4.5 Summary 149
5 A DYNAMIC THREE COUNTRY MODEL 155
5.1 Introduction 155
5.2 Structure of the model 157
5.3 Domestic shocks 161
5.3.1 Long run equilibrium 161
5.3.2 Dynamics of the model 163
ii
5.3.3 Effects of a domestic goods demand
shock 164
5.3.4 Effects of a domestic monetary shock 168
5.3.5 Effects of a domestic productivity
shock 170
5.4 Method of solution of the big country model 174
5.4.1 The Aoki method 174
5.4.2 Long run equilibrium of the big
country model 175
5.4.3 Dynamics of the model 176
5.5 Goods demand shocks in the big countries 178
5.5.1 Shocks in country 1 178
5.5.1.1 Effects on the big countries 178
5.5.1.2 Effects on the small country 183
5.5.2 Shocks in country 2 190
5.5.2.1 Effects on the big countries 190
5.5.2.2 Effects on the small country 190
5.6 Monetary shocks in the big countries 196
5.6.1 Shocks in country 1 196
5.6.1.1 Effects on the big countries 196
5.6.1.2 Effects on the small country 201
5.6.2 Shocks in country 2 205
5.6.2.1 Effects on the big countries 205
5.6.2.2 Effects on the small country 205
5.7 Productivity shocks in the big countries 210
5.7.1 Shocks in country 1 210
5.7.1.1 Effects on the big countries 210
5.7.1.2 Effects on the small country 215
5.7.2 Shocks in country 2 221
5.7.2.1 Effects on the big countries 221
5.7.2.2 Effects on the small country 221
5.8 Evaluation of the regimes in the cases of different
shocks using a dynamic rational expectations model 227
5.9 Summary 231
6 THREE CRITERIA FOR OPTIMUM CURRENCY AREAS 233
6.1 Degree of price indexation 233
6.2 Degree of integration 242
6.3 Degree of product differentiation 249
6.4 Summary 260
iii
7 INDEXATION OF PUBLIC EXPENDITURE AND TAXES
IN DIFFERENT EXCHANGE RATE REGIMES 262
7.1 Indexation of public expenditure 264
7.1.1 The model 264
7.1.2 Domestic shocks 265
7.1.3 Foreign shocks 278
7.1.4 An overall evaluation 282
7.2 Indexation of taxes 288
7.2.1 The model 288
7.2.2 Domestic goods demand shocks 291
7.2.3 Domestic monetary shocks 295
7.2.4 Domestic productivity shocks 298
7.2.5 An overall evaluation 302
7.3 Summary and conclusions 310
7.3.1 Summary 310
7.3.2 Conclusions 312
8 SUMMARY AND EVALUATION OF THE RESULTS 314
LITERATURE 327
APPENDICES
1. Exchange rate arrangements
2. The numerical values of the parameters used in the baseline
scenarios of the static and dynamic models
3. Fixed price model: The effects of foreign shocks on the output of
the small country (alternative calculation)
4. Endogenous price model: The effects of foreign shocks on the
price level of the small country in different exchange rate regimes
(baseline calculation)
5. Endogenous price model: The effects of the foreign shocks on the
competitiveness of the small country in different exchange rate
regimes (baseline calculation)
6. Endogenous price model: The effects of foreign shocks on the
output of the small country in different exchange rate regimes in
the alternative calculation (a less open economy)
7. The loss functions in terms of output deviation, sensitivity with
respect to domestic (a3) and foreign (a) price indexation
8. The loss functions in terms of output deviation, sensitivity with
respect to price (oc3) and public expenditure (k3) indexation
|
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| geographic | Europäische Union. Mitgliedsstaaten |
| geographic_facet | Europäische Union. Mitgliedsstaaten |
| id | DE-604.BV010731889 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:57:55Z |
| institution | BVB |
| isbn | 9516282199 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007165026 |
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| physical | III, 336, [13] S. graph. Darst. |
| publishDate | 1995 |
| publishDateSearch | 1995 |
| publishDateSort | 1995 |
| publisher | ETLA |
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| series2 | Elinkeinoelämän Tutkimuslaitos <Helsinki>: [Julkaisuja / A] |
| spelling | Kotilainen, Markku Verfasser aut Exchange rate unions a comparison with currency basket and floating rate regimes Markku Kotilainen Helsinki ETLA 1995 III, 336, [13] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Elinkeinoelämän Tutkimuslaitos <Helsinki>: [Julkaisuja / A] 21 Zugl.: Helsinki, Univ., Diss., 1995 European Monetary System (Organization) Mathematisches Modell Foreign exchange rates Mathematical models Foreign exchange rates European Union countries Mehr-Länder-Modell (DE-588)4211313-1 gnd rswk-swf Wechselkurstheorie (DE-588)4124443-6 gnd rswk-swf Europäische Union. Mitgliedsstaaten (DE-588)4113937-9 Hochschulschrift gnd-content Wechselkurstheorie (DE-588)4124443-6 s Mehr-Länder-Modell (DE-588)4211313-1 s DE-604 A] Elinkeinoelämän Tutkimuslaitos <Helsinki>: [Julkaisuja 21 (DE-604)BV008915545 21 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007165026&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kotilainen, Markku Exchange rate unions a comparison with currency basket and floating rate regimes European Monetary System (Organization) Mathematisches Modell Foreign exchange rates Mathematical models Foreign exchange rates European Union countries Mehr-Länder-Modell (DE-588)4211313-1 gnd Wechselkurstheorie (DE-588)4124443-6 gnd |
| subject_GND | (DE-588)4211313-1 (DE-588)4124443-6 (DE-588)4113937-9 |
| title | Exchange rate unions a comparison with currency basket and floating rate regimes |
| title_auth | Exchange rate unions a comparison with currency basket and floating rate regimes |
| title_exact_search | Exchange rate unions a comparison with currency basket and floating rate regimes |
| title_full | Exchange rate unions a comparison with currency basket and floating rate regimes Markku Kotilainen |
| title_fullStr | Exchange rate unions a comparison with currency basket and floating rate regimes Markku Kotilainen |
| title_full_unstemmed | Exchange rate unions a comparison with currency basket and floating rate regimes Markku Kotilainen |
| title_short | Exchange rate unions |
| title_sort | exchange rate unions a comparison with currency basket and floating rate regimes |
| title_sub | a comparison with currency basket and floating rate regimes |
| topic | European Monetary System (Organization) Mathematisches Modell Foreign exchange rates Mathematical models Foreign exchange rates European Union countries Mehr-Länder-Modell (DE-588)4211313-1 gnd Wechselkurstheorie (DE-588)4124443-6 gnd |
| topic_facet | European Monetary System (Organization) Mathematisches Modell Foreign exchange rates Mathematical models Foreign exchange rates European Union countries Mehr-Länder-Modell Wechselkurstheorie Europäische Union. Mitgliedsstaaten Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007165026&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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