Exchange Rates, Asset Markets, and Monetary Policy

汇率、资产市场和货币政策

基本信息

  • 批准号:
    0451671
  • 负责人:
  • 金额:
    --
  • 依托单位:
  • 依托单位国家:
    美国
  • 项目类别:
    Continuing Grant
  • 财政年份:
    2005
  • 资助国家:
    美国
  • 起止时间:
    2005-07-01 至 2009-06-30
  • 项目状态:
    已结题

项目摘要

ABSTRACTProp ID: SES-0451671 P I: Engel, Charles Organization: University of Wisconsin-Madison Title: Exchange Rates, Asset Markets, and Monetary Policy The first part of the project description proposes building an open-economy general equilibrium model that incorporates some important features that are consistent with empirical evidence on international pricing behavior, and investigating the implications for monetary policy. Specifically, the model will incorporate the low pass-through of exchange rates to consumer prices and the higher passthrough to import prices in the short run. The next part investigates a dynamic stochastic general equilibrium (DSGE) open-economy model, with sticky nominal prices and trade in equities that can potentially explain part of the "home-bias puzzle." The model incorporates monetary and productivity shocks, with equities and nominal forward foreign exchange contracts. Conditional on productivity shocks, there is a negative correlation between home equity returns and returns to human capital, thus generating a home bias. The last part explores results derived by the investigator for present value models of exchange rates to measure the contribution of observed "fundamentals" to the changes in (logs of) exchange rates. The statistic proposed measures the contribution of these fundamentals to changes in asset prices when there are unobserved driving variables. The usefulness of the statistic under various circumstances will be explored. The three major areas of proposed work all involve applied general equilibrium modeling of open economies. All are motivated by empirical work, and all three sections propose empirical work. Any work such as this will ultimately have broader impact in terms of promoting better understanding of the workings of the macroeconomy, and hence better policy making. The first part is directly related to monetary policy making in open economies. The second and third parts propose new methods for examining open economies in very applied contexts.
项目描述的第一部分提出建立一个开放经济的一般均衡模型,该模型包含一些与国际定价行为的经验证据相一致的重要特征,并研究其对货币政策的影响。具体来说,该模型将考虑短期内汇率对消费者价格的低传递和对进口价格的高传递。下一部分研究动态随机一般均衡(DSGE)开放经济模型,该模型具有粘性的名义价格和股票交易,可以潜在地解释部分“本土偏见之谜”。该模型结合了货币和生产率冲击,以及股票和名义远期外汇合约。在生产率冲击的条件下,房屋净值回报与人力资本回报之间存在负相关关系,从而产生了家乡偏见。最后一部分探讨了研究者得出的汇率现值模型的结果,以衡量观察到的“基本面”对汇率(对数)变化的贡献。当存在未观察到的驱动变量时,提出的统计数据衡量了这些基本面对资产价格变化的贡献。将探讨统计数据在各种情况下的有用性。拟议工作的三个主要领域都涉及开放经济的应用一般均衡模型。所有这些都是由实证工作驱动的,所有三个部分都提出了实证工作。这类工作最终将产生更广泛的影响,有助于更好地理解宏观经济的运作,从而更好地制定政策。第一部分与开放经济中的货币政策制定直接相关。第二部分和第三部分提出了在非常实用的背景下检验开放经济的新方法。

项目成果

期刊论文数量(0)
专著数量(0)
科研奖励数量(0)
会议论文数量(0)
专利数量(0)

数据更新时间:{{ journalArticles.updateTime }}

{{ item.title }}
{{ item.translation_title }}
  • DOI:
    {{ item.doi }}
  • 发表时间:
    {{ item.publish_year }}
  • 期刊:
  • 影响因子:
    {{ item.factor }}
  • 作者:
    {{ item.authors }}
  • 通讯作者:
    {{ item.author }}

数据更新时间:{{ journalArticles.updateTime }}

{{ item.title }}
  • 作者:
    {{ item.author }}

数据更新时间:{{ monograph.updateTime }}

{{ item.title }}
  • 作者:
    {{ item.author }}

数据更新时间:{{ sciAawards.updateTime }}

{{ item.title }}
  • 作者:
    {{ item.author }}

数据更新时间:{{ conferencePapers.updateTime }}

{{ item.title }}
  • 作者:
    {{ item.author }}

数据更新时间:{{ patent.updateTime }}

Charles Engel其他文献

Forecasting the U.S. Dollar in the 21<sup>st</sup> Century
  • DOI:
    10.1016/j.jinteco.2023.103715
  • 发表时间:
    2023-03-01
  • 期刊:
  • 影响因子:
  • 作者:
    Charles Engel;Steve Pak Yeung Wu
  • 通讯作者:
    Steve Pak Yeung Wu
Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute the Real Exchange Rate in Sticky Price Models: Does Investment Matter?
达拉斯联邦储备银行全球化和货币政策在粘性价格模型中建立实际汇率:投资重要吗?
  • DOI:
  • 发表时间:
  • 期刊:
  • 影响因子:
    0
  • 作者:
    Enrique Martínez;Jens Søndergaard;M. Astley;Charles Engel;Alberto Musso;Roman Sustek;Jian Wang;Mark A. Wynne;Wenjuan Xie
  • 通讯作者:
    Wenjuan Xie
Advancing Collaborative Care for Autistic Children and Adolescents.
促进自闭症儿童和青少年的协作护理。
  • DOI:
  • 发表时间:
    2023
  • 期刊:
  • 影响因子:
    26.1
  • 作者:
    Luther G. Kalb;Almira Contractor;Charles Engel
  • 通讯作者:
    Charles Engel
Long-Horizon Forecasts of Asset Prices when the Discount Factor is Close to Unity *
贴现因子接近统一时资产价格的长期预测*
  • DOI:
  • 发表时间:
    2010
  • 期刊:
  • 影响因子:
    0
  • 作者:
    Charles Engel;Jian Wang;Jason Wu
  • 通讯作者:
    Jason Wu
Federal Reserve Bank of Minneapolis Research Department Staff Report 334 U.s. Real Exchange Rate Fluctuations and Relative Price Fluctuations
明尼阿波利斯联邦储备银行研究部员工报告 334 美国
  • DOI:
  • 发表时间:
  • 期刊:
  • 影响因子:
    0
  • 作者:
    Caroline Betts;Timothy J. Kehoe;David Backus;Rudolfs Bems;Paul Bergin;Mario Crucini;Mick Devereux;Charles Engel;Gonzalo Fernández De Córdoba;Patrick J. Kehoe;Kristian Jönsson;Beverly Lapham
  • 通讯作者:
    Beverly Lapham

Charles Engel的其他文献

{{ item.title }}
{{ item.translation_title }}
  • DOI:
    {{ item.doi }}
  • 发表时间:
    {{ item.publish_year }}
  • 期刊:
  • 影响因子:
    {{ item.factor }}
  • 作者:
    {{ item.authors }}
  • 通讯作者:
    {{ item.author }}

{{ truncateString('Charles Engel', 18)}}的其他基金

Liquidity, Exchange Rates and Policy
流动性、汇率和政策
  • 批准号:
    1918340
  • 财政年份:
    2019
  • 资助金额:
    --
  • 项目类别:
    Standard Grant
Asset Markets, Exchange Rates and Monetary Policy: Empirical and Theoretical Investigation
资产市场、汇率和货币政策:实证和理论研究
  • 批准号:
    1226007
  • 财政年份:
    2012
  • 资助金额:
    --
  • 项目类别:
    Standard Grant
Exchange Rates, Monetary Policy, and Trade Policy
汇率、货币政策和贸易政策
  • 批准号:
    0850429
  • 财政年份:
    2009
  • 资助金额:
    --
  • 项目类别:
    Continuing Grant
Exchange Rates and Prices
汇率和价格
  • 批准号:
    0109286
  • 财政年份:
    2001
  • 资助金额:
    --
  • 项目类别:
    Continuing Grant
An Empirical and Theoretical Investigation into Goods Pricing in Open Economies and the Implications for the Macroeconomy
开放经济中商品定价的实证和理论研究及其对宏观经济的影响
  • 批准号:
    9709491
  • 财政年份:
    1997
  • 资助金额:
    --
  • 项目类别:
    Continuing Grant
An Investigation of Real and Nominal Exchange
真实和名义交换的调查
  • 批准号:
    9320728
  • 财政年份:
    1994
  • 资助金额:
    --
  • 项目类别:
    Continuing Grant

相似海外基金

Collaborative Research: Deciphering the mechanisms of marine nitrous oxide cycling using stable isotopes, molecular markers and in situ rates
合作研究:利用稳定同位素、分子标记和原位速率破译海洋一氧化二氮循环机制
  • 批准号:
    2319097
  • 财政年份:
    2024
  • 资助金额:
    --
  • 项目类别:
    Standard Grant
NeTS: Small: ML-Driven Online Traffic Analysis at Multi-Terabit Line Rates
NeTS:小型:ML 驱动的多太比特线路速率在线流量分析
  • 批准号:
    2331111
  • 财政年份:
    2024
  • 资助金额:
    --
  • 项目类别:
    Standard Grant
CAREER: Measurement of Photochemical Mechanisms, Rates, and Pathways of Radical Formation in Complex Organic Compounds
职业:测量复杂有机化合物中自由基形成的光化学机制、速率和途径
  • 批准号:
    2340926
  • 财政年份:
    2024
  • 资助金额:
    --
  • 项目类别:
    Continuing Grant
Luminescent Organometallic Complexes with Fast Radiative Rates
具有快速辐射速率的发光有机金属配合物
  • 批准号:
    2348784
  • 财政年份:
    2024
  • 资助金额:
    --
  • 项目类别:
    Continuing Grant
RAPID: Unraveling rates of wind erosion and potential dust emission post Smokehouse Creek Fire in Texas
RAPID:揭示德克萨斯州烟屋溪火灾后风蚀和潜在粉尘排放的速度
  • 批准号:
    2427344
  • 财政年份:
    2024
  • 资助金额:
    --
  • 项目类别:
    Standard Grant
HSI Implementation and Evaluation Project: Integrated Networking, Scholarship, and Peer Mentoring of Freshmen Engineers for Increased Academic Success and Graduation Rates
HSI 实施和评估项目:新生工程师的综合网络、奖学金和同伴指导,以提高学业成功率和毕业率
  • 批准号:
    2345377
  • 财政年份:
    2024
  • 资助金额:
    --
  • 项目类别:
    Standard Grant
Collaborative Research: Deciphering the mechanisms of marine nitrous oxide cycling using stable isotopes, molecular markers and in situ rates
合作研究:利用稳定同位素、分子标记和原位速率破译海洋一氧化二氮循环机制
  • 批准号:
    2319096
  • 财政年份:
    2024
  • 资助金额:
    --
  • 项目类别:
    Standard Grant
Predictability of nominal exchange rates in inflation targeting economies
通货膨胀目标经济体名义汇率的可预测性
  • 批准号:
    24K16355
  • 财政年份:
    2024
  • 资助金额:
    --
  • 项目类别:
    Grant-in-Aid for Early-Career Scientists
EMBRACE-AGS-Seed: Quantification of Halogen Emission Impacts on Atmospheric Oxidation Rates in Urban Atmospheres
EMBRACE-AGS-Seed:量化卤素排放对城市大气氧化率的影响
  • 批准号:
    2409408
  • 财政年份:
    2024
  • 资助金额:
    --
  • 项目类别:
    Standard Grant
Quantifying long-term aeolian abrasion rates on hard rock surfaces
量化硬岩表面的长期风蚀率
  • 批准号:
    2314628
  • 财政年份:
    2024
  • 资助金额:
    --
  • 项目类别:
    Standard Grant
{{ showInfoDetail.title }}

作者:{{ showInfoDetail.author }}

知道了