The Effect of Fixed Exchange Rates on Monetary Policy

By Jay C. Shambaugh. 2004

765 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/152686bd1bdc207a67a914e635fa4a89d4a7e756

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Citations in the corpus

ardl: Estimating autoregressive distributed lag and equilibrium correction models (2018, neutral): “Pesaran, Shin, and Smith (2001) propose a “bounds test”, which involves comparing the values of conventional F and t statistics with pairs of critical values ( CV ).”
Competition in banking and the lending channel: Evidence from bank-level data in Asia and Latin America (2011, neutral): “10 See, for example, Shambaugh (2004) who takes the short-term interest rate as a”
U.S. Monetary Policy and International Risk Spillovers (2019, background): “Early examples in this empirical literature are Shambaugh (2004) and Obstfeld et al. (2005).”
Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period (2004, background): “As has been recognized in the literature at least since the writings of Goschen (1861), this can leave some wiggle room for monetary policy—but how much?”
Global Asset Prices and FOMC Announcements (2006, background): “The conventional wisdom is that countries with a more flexible exchange rate regime can insulate their local interest rates more from changes in global interest rates (e.g., Shambaugh (2004) and Frankel, Schmukler, and Serven (2004)).”
Determinants of Global Spillovers from US Monetary Policy (2015, background): “Third, this paper is related to the literature analysing the role of specific country characteristics— such as the exchange rate regime or the extent of capital controls—for spillovers (see Philippon et al., 2001; Frankel et al., 2004; Shambaugh, 2004; Miniane and Rogers, 2007).”
Assessing China's Exchange Rate Regime (2007, neutral): “35 E.g., Calvo and Reinhart (2002), Shambaugh (2004), Levy-Yeyati & Sturzenegger (2005), Bubula & Otker-Robe (2002), Reinhart & Rogoff (2003, 2004).”
CHOOSING (AND RENEGING ON) EXCHANGE RATE REGIMES (2006, positive): “If we use the Shambaugh (2003) classification, the results are more murky.”
Global Financial Transmission of Monetary Policy Shocks (2009, neutral): “…exchange rate regime that matters but the de facto regime.11 Panel B shows that stock markets in countries with 11 This finding is consistent with Shambaugh (2004), which focuses specifically on comparing the responsiveness of monetary policy to foreign shocks under different de facto exchange…”
Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008 (2009, neutral): “The Financial openness measure is from Edwards (2007), the exchange rate classification is based on Shambaugh (2004), and the measure of " original sin " is from Barry Eichengreen et al. (2005) and is based on BIS issuance data.”
If the Fed Sneezes, Who Catches a Cold? (2017, result): “Also the interest rate reaction does not seem to significantly differ between pegs and floats, differently from previous results in the literature (e.g., Shambaugh (2004)).”
Fear of appreciation (2007, background): “10 See, among others, Reinhart and Rogoff (2004) and Shambaugh (2004).”
Capital Controls and the International Transmission of U.S. Money Shocks (2003, result): “This is in line with Shambaugh (2004) who also shows that xers tend to follow more closely interest rate changes in the anchor country.”
The emerging global financial architecture: Tracing and evaluating new patterns of the trilemma configuration (2010, background): “This way of defining the threshold for the exchange rate is in line with the one adopted by Shambaugh (2004).”