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    Currency Exchange RateRemove Currency Exchange Rate →

    Page 1 of 3 Results
    • 14 Dec 2017
    • Working Paper Summaries

    The Real Exchange Rate, Innovation and Productivity

    by Laura Alfaro, Alejandro Cuñat, Harald Fadinger, and Yanping Liu

    Addressing debates on the effects of real exchange rate (RER) movements on the economy, this study examines manufacturing firm-level effects of medium-term fluctuations, in particular firm-level productivity across a wide range of countries. RER changes have different impacts depending on the export and import orientation of regions and the prevalence of credit constraints. Effects are non-linear and asymmetric, suggesting that the link between RER changes and macroeconomic performance might be much more nuanced than usually thought.

    • 15 Sep 2017
    • Working Paper Summaries

    Debt Redemption and Reserve Accumulation

    by Laura Alfaro and Fabio Kanczuk

    This study examines how reserve accumulation affects governments’ decisions to default. The analysis assumes that countries can accumulate reserves and borrow internationally using their own currency. Results suggest that the optimal level of international reserves is fairly large because their cost is mitigated by valuation-smoothing gains. The model matches some features of Brazil’s economic fluctuations.

    • Working Paper Summaries

    A Quantity-Driven Theory of Term Premia and Exchange Rates

    by Robin Greenwood, Samuel G. Hanson, Jeremy C. Stein, and Adi Sunderam

    This paper provides a framework for understanding how the detailed structure of financial intermediation affects foreign exchange rates.

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