2015

Institute Working Papers
Institute Working Paper No. 224: Pegging the Exchange Rate to Gain Monetary Policy Credibility
Updated: January 26, 2015
Central banks that lack credibility often tie their exchange rate to that of a more credible partner in order to “import” credibility. We show in a small open economy model that a central bank that displays “limited credibility” can deliver significant improvements to a social welfare function that contains no role for exchange rate stabilization by maximizing an objective function that places weight on exchange rate stabilization, and thus the central bank with limited credibility will peg their currency to that of a more credible partner.
Institute Working Papers
Institute Working Paper No. 223: Long-Run Effects in Large Heterogenous Panel Data Models with Cross-Sectionally Correlated Errors
Updated: January 21, 2015
This paper develops a cross-sectionally augmented distributed lag (CS-DL) approach to the estimation of long-run effects in large dynamic heterogeneous panel data models with crosssectionally dependent errors.
Institute Working Papers
Institute Working Paper No. 222: Trilemma, Not Dilemma: Financial Globalisation and Monetary Policy Effectiveness
Updated: January 20, 2015
We investigate whether the classic Mundell-Flemming "trilemma" has morphed into a "dilemma" due to financial globalisation.
Institute Working Papers
Institute Working Paper No. 221: Housing Markets and Current Account Dynamics image
Updated: January 20, 2015
The author documents a strong negative correlation, both across and within countries, between housing and current account dynamics.

 

International House Price Database

Access to international house price data with ample geographic and temporal coverage facilitates the work of researchers, scholars and policymakers interested in the study of housing through cross-country comparison and time series analysis.

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