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Exchange Rates and Fiscal Adjustments; Evidence from the OECD and Implications for the EMU

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On the Benefits of a Monetary Union: Does it Pay to Be Bigger?

Chiara Forlati

This paper revisits the question of the appropriate domain of a currency area using a New-Keynesian open economy model in which the world is split in two areas, each framed as a continuum of small open regions. We show that the adoption of a common currenc ...

Center for Fiscal Policy Working Paper Series2013

Digging out the PPP hypothesis: an integrated empirical coverage

We use several popular tests to test the validity of the Purchasing Power Parity (PPP) hypothesis. In particular, we analyze four classes of tests-standard univariate unit root tests, co-integration, panel unit root tests, and unit root tests for nonlinear ...

Springer Verlag2012

Risky Mortgages in a DSGE Model

Luisa Lambertini, Chiara Forlati

This paper develops a DSGE model with housing, risky mortgages, and endogenous default. Housing investment is subject to idiosyncratic risk, and some mortgages are defaulted in equilibrium. An unanticipated increase in the standard deviation of housing inv ...

2011

Self sensing cantilevers for the measurement of (biomolecular) forces

Luis Guillermo Villanueva Torrijo

We present the fabrication and the testing of self sensing submicron thick piezoresistive cantilevers. Two kind of piezoresistive transducers (piezoresistor and MOSFET transistor) are integrated into the cantilever in the (100) direction, by n-type implant ...

2011

Disaggregating Real Exchange Rate Dynamics: A Structural Approach

This paper employs a small open economy DSGE model, estimated over 1986-2009, to decompose the dynamic influence of domestic and international prices on the Canada-US real exchange rate. While the real exchange rate mimics the dynamic behavior of the relat ...

Ghent University Faculty of Economics and Business Administration Working Paper 2010/6552011

Linearly Adjustable International Portfolios

Daniel Kuhn

We present an approach to multi‐stage international portfolio optimization based on the imposition of a linear structure on the recourse decisions. Multiperiod decision problems are traditionally formulated as stochastic programs. Scenario tree based solut ...

American Institute of Physics2010

Optimal Exchange-Rate Targeting with Large Labor Unions

Luisa Lambertini, Vincenzo Cuciniello

We study whether monetary policy should target the exchange rate in a two-country model with non-atomistic wage setters, non-traded goods and different degrees of exchange- rate pass through. Commitment to an exchange rate target reduces the labor market d ...

Center for Fiscal Policy Working Paper Series2009

Liquidity in the Foreign Exchange Market: Measurement, Commonality, and Risk Premiums

Angelo Ranaldo

A daily return reversal measure of liquidity is developed and estimated using a new comprehensive ultra-high frequency data set of foreign exchange rates during the financial crisis period of 2007--2008. The measure captures market participants' perception ...

2009

On the Benefits of a Monetary Union: does it pay to be bigger?

Chiara Forlati

A two area dynamic stochastic general equilibrium model is employed to investigate the welfare implications of losing monetary independence. Two policy regimes are compared: (i) in one area there is a common currency, while in the other area countries stil ...

Center for Fiscal Policy Working Paper Series2009

Performance and Sensitivity Analysis of Supply Chain Alternative Configurations - a case study

Rémy Glardon, Min-Jung Yoo, Xiaolin Wang

This paper presents an approach to simulating alternative Supply Chain configurations and analysing their respective sensitivities to external factors. First of all, the approach used for modelling the Supply Chain environment, characterized by uncertain f ...

Ieee Service Center, 445 Hoes Lane, Po Box 1331, Piscataway, Nj 08855-1331 Usa2009