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| Rosson, C. Parr, III. |
| These three invited papers examine the role that exchange rates may have in influencing commodity prices, input prices and farm income. The papers arguably represent one of the most important recent attempts to quantify and explain these new linkages. As U.S. and world agriculture moves from a period of high output prices to a period of lower prices, understanding the impact of macroeconomic variables on farm input costs and farm income will become more important. Further, it will be equally important for policy makers to undertake appropriate market interventions in order to have maximum effectiveness should this period of cost-price-squeeze continue to intensify. Each of the papers has something significant to contribute to the understanding and debate... |
| Tipo: Journal Article |
Palavras-chave: Energy; Exchange rates; Macropolicy; Markets; Trade; Agribusiness; Farm Management; Financial Economics; Marketing; Resource /Energy Economics and Policy; F42. |
| Ano: 2009 |
URL: http://purl.umn.edu/53098 |
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| Ross, Matthias. |
| This paper extends an economic geography model by tariffs to analyze their impact on welfare and sustainability of agglomerations. Policies with and without cooperation are compared, with the goal of maximizing aggregated welfare in the former and regional welfare in the latter case. The main result is that under cooperation poorer regions are worse off in two respects. In the short-run they loose even more welfare and in the long-run sustainable agglomerations in richer regions get more likely. Thus, although cooperation could generate aggregated welfare gains the potential losers face even in the short-run no incentive to remove tariffs unless they are compensated appropriately, for instance by transfers. In this sense transfers from the rich to the poor... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Optimal tariffs; Optimal taxation; Policy coordination; Economic geography; Economic integration; Political Economy; F13; H21; F42; R12; F15. |
| Ano: 2002 |
URL: http://purl.umn.edu/26154 |
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| Kohler, Marion. |
| In Kohler (2002) we analyse coalition formation in monetary policy coordination games between n countries. We find that positive spillovers of the coalition formation process and the resulting free-rider problem limit the stable coalition size: since the coalition members are bound by the union's discipline, an outsider can successfully export inflation without fearing that the insiders will try to do the same. In this paper, based on the same model, we allow countries to join competing coalitions. The formation of a large currency bloc is not sustainable since it would impose too much discipline on all participants. However, the co-existence of several smaller currency blocs may be a second-best solution to the free-riding problem of monetary policy... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Currency unions; International policy coordination; Free-riding; Coalition formation; Financial Economics; F33; F42. |
| Ano: 2004 |
URL: http://purl.umn.edu/26274 |
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| Volz, Ulrich. |
| This paper argues that, in contrast to the popular bipolar view on exchange rate choices, intermediate regimes in general and regional exchange rate systems such as the European Monetary System (EMS) in particular should not be ruled out per se even in today's world of highly mobile capital. The paper highlights that the 1992/93 crisis of the EMS' Exchange Rate Mechanism was a crisis of an exchange rate system and not just the collapse of unilateral pegs pursued by individual countries. Based on an assessment of credibility of the EMS before and during the crisis, the paper discusses distinct features that add to the credibility of regional exchange rate systems. It reasons that a system that is built around well-defined rules, and which is managed very... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Exchange rate regimes; Regional monetary systems; EMS crisis; Policy credibility; Financial Economics; F02; F33; F36; F42. |
| Ano: 2005 |
URL: http://purl.umn.edu/26238 |
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