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class="social-profile-container"><div class="left-panel-container"><div class="user-info-component-wrapper"><div class="user-summary-cta-container"><div class="user-summary-container"><div class="social-profile-avatar-container"><img class="profile-avatar u-positionAbsolute" border="0" alt="" src="//a.academia-assets.com/images/s200_no_pic.png" /></div><div class="title-container"><h1 class="ds2-5-heading-sans-serif-sm">Georgios Chortareas</h1><div class="affiliations-container fake-truncate js-profile-affiliations"></div></div></div><div class="sidebar-cta-container"><button class="ds2-5-button hidden profile-cta-button grow js-profile-follow-button" data-broccoli-component="user-info.follow-button" data-click-track="profile-user-info-follow-button" data-follow-user-fname="Georgios" data-follow-user-id="42708840" data-follow-user-source="profile_button" data-has-google="false"><span class="material-symbols-outlined" style="font-size: 20px" 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href="/GeorgiosChortareas/mentions"><div class="stat-container"><p class="label">Mentions</p><p class="data">1</p></div></a><span><div class="stat-container"><p class="label"><span class="js-profile-total-view-text">Public Views</span></p><p class="data"><span class="js-profile-view-count"></span></p></div></span></div><div class="ri-section"><div class="ri-section-header"><span>Interests</span></div><div class="ri-tags-container"><a data-click-track="profile-user-info-expand-research-interests" data-has-card-for-ri-list="42708840" href="https://www.academia.edu/Documents/in/Organizational_Effectiveness"><div id="js-react-on-rails-context" style="display:none" 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data-trace="false" data-dom-id="Pill-react-component-597821d8-a0f4-45ba-9928-a8a78010c997"></div> <div id="Pill-react-component-597821d8-a0f4-45ba-9928-a8a78010c997"></div> </a><a data-click-track="profile-user-info-expand-research-interests" data-has-card-for-ri-list="42708840" href="https://www.academia.edu/Documents/in/Organisational_culture"><div class="js-react-on-rails-component" style="display:none" data-component-name="Pill" data-props="{"color":"gray","children":["Organisational culture"]}" data-trace="false" data-dom-id="Pill-react-component-3d2fbad1-8a97-44a1-bff5-5e11e7c4f3c5"></div> <div id="Pill-react-component-3d2fbad1-8a97-44a1-bff5-5e11e7c4f3c5"></div> </a><a data-click-track="profile-user-info-expand-research-interests" data-has-card-for-ri-list="42708840" href="https://www.academia.edu/Documents/in/Further_Education"><div class="js-react-on-rails-component" style="display:none" data-component-name="Pill" data-props="{"color":"gray","children":["Further Education"]}" data-trace="false" data-dom-id="Pill-react-component-a6c2212e-1005-499d-8053-baab88067bf8"></div> <div id="Pill-react-component-a6c2212e-1005-499d-8053-baab88067bf8"></div> </a><a data-click-track="profile-user-info-expand-research-interests" data-has-card-for-ri-list="42708840" href="https://www.academia.edu/Documents/in/Customer_Orientation"><div class="js-react-on-rails-component" style="display:none" data-component-name="Pill" data-props="{"color":"gray","children":["Customer Orientation"]}" data-trace="false" data-dom-id="Pill-react-component-4c88d5ea-6602-40d8-9dde-fe78f3440b6f"></div> <div id="Pill-react-component-4c88d5ea-6602-40d8-9dde-fe78f3440b6f"></div> </a></div></div></div></div><div class="right-panel-container"><div class="user-content-wrapper"><div class="uploads-container" id="social-redesign-work-container"><div class="upload-header"><h2 class="ds2-5-heading-sans-serif-xs">Uploads</h2></div><div class="documents-container backbone-social-profile-documents" style="width: 100%;"><div class="u-taCenter"></div><div class="profile--tab_content_container js-tab-pane tab-pane active" id="all"><div class="profile--tab_heading_container js-section-heading" data-section="Papers" id="Papers"><h3 class="profile--tab_heading_container">Papers by Georgios Chortareas</h3></div><div class="js-work-strip profile--work_container" data-work-id="124504421"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/124504421/Transparency_in_monetary_policy_Editorial_introduction"><img alt="Research paper thumbnail of Transparency in monetary policy - Editorial introduction" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/124504421/Transparency_in_monetary_policy_Editorial_introduction">Transparency in monetary policy - Editorial introduction</a></div><div class="wp-workCard_item"><span>The Manchester School</span><span>, 2003</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="124504421"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="124504421"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 124504421; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=124504421]").text(description); $(".js-view-count[data-work-id=124504421]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 124504421; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='124504421']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 124504421, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=124504421]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":124504421,"title":"Transparency in monetary policy - Editorial 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Chortareas","url":"https://independent.academia.edu/GeorgiosChortareas"},"attachments":[],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":48971,"name":"Monetary Policy","url":"https://www.academia.edu/Documents/in/Monetary_Policy"}],"urls":[]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281297"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119281297/Concentration_versus_Efficiency_and_Financial_Liberalization_in_Latin_American_Banking"><img alt="Research paper thumbnail of Concentration versus Efficiency and Financial Liberalization in Latin American Banking" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119281297/Concentration_versus_Efficiency_and_Financial_Liberalization_in_Latin_American_Banking">Concentration versus Efficiency and Financial Liberalization in Latin American Banking</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The processes of financial liberalization and international integration have contributed to signi...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The processes of financial liberalization and international integration have contributed to significant changes in the banking sectors of many developing countries. In Latin America, banking sectors have experienced an accelerated process of consolidation. Enhanced consolidation has been accompanied by a significant increase in the degree of market concentration in the banking industry. A direct effect of such measures has been the inflow of foreign capital which, although necessary for recapitalizing the financial system, increases the market concentration of the sector. A number of current concerns about the implications of market concentration on competitiveness in the banking industry and its possible impact in the economy exist. The banking sector seems to be highly concentrated in many countries in Latin America and therefore studying the sector and identifying the impact of the enhanced degree of concentration and its potential collusion effects seems an appropriate task. For example, some of the collusion effects that may have been driven by a highly concentrated banking sector may include high commercial lending rates, credit rationing and low deposit rates.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281297"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281297"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281297; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281297]").text(description); $(".js-view-count[data-work-id=119281297]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281297; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281297']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281297, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119281297]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281297,"title":"Concentration versus Efficiency and Financial Liberalization in Latin American Banking","translated_title":"","metadata":{"abstract":"The processes of financial liberalization and international integration have contributed to significant changes in the banking sectors of many developing countries. In Latin America, banking sectors have experienced an accelerated process of consolidation. Enhanced consolidation has been accompanied by a significant increase in the degree of market concentration in the banking industry. A direct effect of such measures has been the inflow of foreign capital which, although necessary for recapitalizing the financial system, increases the market concentration of the sector. A number of current concerns about the implications of market concentration on competitiveness in the banking industry and its possible impact in the economy exist. The banking sector seems to be highly concentrated in many countries in Latin America and therefore studying the sector and identifying the impact of the enhanced degree of concentration and its potential collusion effects seems an appropriate task. For example, some of the collusion effects that may have been driven by a highly concentrated banking sector may include high commercial lending rates, credit rationing and low deposit rates.","publication_date":{"day":null,"month":null,"year":2007,"errors":{}}},"translated_abstract":"The processes of financial liberalization and international integration have contributed to significant changes in the banking sectors of many developing countries. In Latin America, banking sectors have experienced an accelerated process of consolidation. Enhanced consolidation has been accompanied by a significant increase in the degree of market concentration in the banking industry. A direct effect of such measures has been the inflow of foreign capital which, although necessary for recapitalizing the financial system, increases the market concentration of the sector. A number of current concerns about the implications of market concentration on competitiveness in the banking industry and its possible impact in the economy exist. The banking sector seems to be highly concentrated in many countries in Latin America and therefore studying the sector and identifying the impact of the enhanced degree of concentration and its potential collusion effects seems an appropriate task. For example, some of the collusion effects that may have been driven by a highly concentrated banking sector may include high commercial lending rates, credit rationing and low deposit rates.","internal_url":"https://www.academia.edu/119281297/Concentration_versus_Efficiency_and_Financial_Liberalization_in_Latin_American_Banking","translated_internal_url":"","created_at":"2024-05-18T04:07:51.549-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":42708840,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[],"slug":"Concentration_versus_Efficiency_and_Financial_Liberalization_in_Latin_American_Banking","translated_slug":"","page_count":null,"language":"en","content_type":"Work","owner":{"id":42708840,"first_name":"Georgios","middle_initials":null,"last_name":"Chortareas","page_name":"GeorgiosChortareas","domain_name":"independent","created_at":"2016-02-05T00:43:37.257-08:00","display_name":"Georgios Chortareas","url":"https://independent.academia.edu/GeorgiosChortareas"},"attachments":[],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":735,"name":"International Economics","url":"https://www.academia.edu/Documents/in/International_Economics"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System"},{"id":578704,"name":"Liberalization","url":"https://www.academia.edu/Documents/in/Liberalization"},{"id":1006340,"name":"Credit Rationing","url":"https://www.academia.edu/Documents/in/Credit_Rationing"},{"id":4109113,"name":"Latin Americans","url":"https://www.academia.edu/Documents/in/Latin_Americans"}],"urls":[{"id":42071514,"url":"https://doi.org/10.1057/9780230801493_8"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281296"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119281296/Getting_PPP_Right_Identifying_Mean_Reverting_Real_Exchange_Rates_in_Panels"><img alt="Research paper thumbnail of Getting PPP Right: Identifying Mean-Reverting Real Exchange Rates in Panels" class="work-thumbnail" src="https://attachments.academia-assets.com/114687908/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119281296/Getting_PPP_Right_Identifying_Mean_Reverting_Real_Exchange_Rates_in_Panels">Getting PPP Right: Identifying Mean-Reverting Real Exchange Rates in Panels</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2004</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="da90752a3c54de6b59259b8033a2e481" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":114687908,"asset_id":119281296,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/114687908/download_file?st=MTczMzAxOTcwMCw4LjIyMi4yMDguMTQ2&s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281296"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281296"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281296; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281296]").text(description); $(".js-view-count[data-work-id=119281296]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281296; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281296']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281296, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "da90752a3c54de6b59259b8033a2e481" } } $('.js-work-strip[data-work-id=119281296]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281296,"title":"Getting PPP Right: Identifying Mean-Reverting Real Exchange Rates in Panels","translated_title":"","metadata":{"publisher":"Social Science Electronic Publishing","grobid_abstract":"Recent advances in testing for the validity of Purchasing Power Parity (PPP) focus on the time series properties of real exchange rates in panel frameworks. One weakness of such tests, however, is that they fail to inform the researcher as to which cross-section units are stationary. As a consequence, a reservation for PPP analyses based on such tests is that a small number of real exchange rates in a given panel may drive the results. In this paper we examine the PPP hypothesis focusing on the stationarity of the real exchange rates in up to 25 OECD countries. We introduce a methodology that when applied to a set of established panel-unit-root tests, allows to identify the real exchange rates that are stationary and poolable without trading-off any test power. We apply procedures that account for cross-sectional dependence. Our results reveal evidence of mean-reversion that is significantly stronger as compared to those obtained by the existing literature, strengthening the case for PPP. Moreover, our approach allows to provide half-lives estimates for the mean-reverting real exchange rates and so find that the half-lives are shorter than the literature consensus and therefore that the PPP puzzle is less pronounced than initially thought.","publication_date":{"day":null,"month":null,"year":2004,"errors":{}},"publication_name":"Social Science Research 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all: Evidence from Non-linear Unit-root Tests*" class="work-thumbnail" src="https://attachments.academia-assets.com/114687907/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119281295/The_Yen_Real_Exchange_Rate_may_be_Stationary_after_all_Evidence_from_Non_linear_Unit_root_Tests_">The Yen Real Exchange Rate may be Stationary after all: Evidence from Non-linear Unit-root Tests*</a></div><div class="wp-workCard_item"><span>Oxford Bulletin of Economics and Statistics</span><span>, Feb 1, 2004</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="9cd0c558d64917d12211016ca60f7eb1" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" 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require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "9cd0c558d64917d12211016ca60f7eb1" } } $('.js-work-strip[data-work-id=119281295]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281295,"title":"The Yen Real Exchange Rate may be Stationary after all: Evidence from Non-linear Unit-root Tests*","translated_title":"","metadata":{"publisher":"Wiley-Blackwell","grobid_abstract":"The empirical literature that tests for purchasing power parity (PPP) by focusing on the stationarity of real exchange rates has so far provided, at best, mixed results. The yen real exchange rate behavior, as compared to other major currencies, has most stubornly challenged the PPP hypothesis and deepened this puzzle. This paper contributes to this discussion by providing new evidence on the stationarity of bilateral yen real exchange rates. We employ a non-linear version of the Augmented Dickey-Fuller test, based on an exponentially smoothtransition autogregressive model (ESTAR) that enhances the power of the tests against mean-reverting nonlinear alternative hypotheses. Our results suggest that the bilateral yen real exchange rates against the other G7 and Asian currencies were mean reverting during the post-Bretton Woods era. Thus, the real yen behavior may not be so di¤erent after all but simply perceived to be so due to the use of a restrictive alternative hypothesis in previous tests.","publication_date":{"day":1,"month":2,"year":2004,"errors":{}},"publication_name":"Oxford Bulletin of Economics and Statistics","grobid_abstract_attachment_id":114687907},"translated_abstract":null,"internal_url":"https://www.academia.edu/119281295/The_Yen_Real_Exchange_Rate_may_be_Stationary_after_all_Evidence_from_Non_linear_Unit_root_Tests_","translated_internal_url":"","created_at":"2024-05-18T04:07:49.936-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":42708840,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":114687907,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/114687907/thumbnails/1.jpg","file_name":"wp484.pdf","download_url":"https://www.academia.edu/attachments/114687907/download_file?st=MTczMzAxOTcwMCw4LjIyMi4yMDguMTQ2&","bulk_download_file_name":"The_Yen_Real_Exchange_Rate_may_be_Statio.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/114687907/wp484-libre.pdf?1716037892=\u0026response-content-disposition=attachment%3B+filename%3DThe_Yen_Real_Exchange_Rate_may_be_Statio.pdf\u0026Expires=1733019322\u0026Signature=I2tF4P8u3hGb0JmlLY3WYYBv9fTiReTdJ5xwZMRZinDxT9VPP~0WWz6QK9ihUQDbmOYeMes68jAmgV6R0JMR7x8I05-0CZsEkeauiq2vg9ZXzPL62jkr1a87ZXskWGRHENmzOD7giyUQd1kb2ARYz85Z4xgHIhUlu8trM20~2sIdzyQCzNqFDJNI1t2ruWKHUNzrjeHXPOe14aQ2g9oH9xM41RXCkyrFON2ASPwSS7aG4H5RDxUVg8KzFahzZvZYrJq8JmzfVskPmSBGPdMoZY3DvZE2DQcw7oSiqMjyNNzHaaykKXn9opXwkQXqesrBJ7HMcWXm-54NbKFS2dMq1A__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"The_Yen_Real_Exchange_Rate_may_be_Stationary_after_all_Evidence_from_Non_linear_Unit_root_Tests_","translated_slug":"","page_count":23,"language":"en","content_type":"Work","owner":{"id":42708840,"first_name":"Georgios","middle_initials":null,"last_name":"Chortareas","page_name":"GeorgiosChortareas","domain_name":"independent","created_at":"2016-02-05T00:43:37.257-08:00","display_name":"Georgios Chortareas","url":"https://independent.academia.edu/GeorgiosChortareas"},"attachments":[{"id":114687907,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/114687907/thumbnails/1.jpg","file_name":"wp484.pdf","download_url":"https://www.academia.edu/attachments/114687907/download_file?st=MTczMzAxOTcwMCw4LjIyMi4yMDguMTQ2&","bulk_download_file_name":"The_Yen_Real_Exchange_Rate_may_be_Statio.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/114687907/wp484-libre.pdf?1716037892=\u0026response-content-disposition=attachment%3B+filename%3DThe_Yen_Real_Exchange_Rate_may_be_Statio.pdf\u0026Expires=1733019322\u0026Signature=I2tF4P8u3hGb0JmlLY3WYYBv9fTiReTdJ5xwZMRZinDxT9VPP~0WWz6QK9ihUQDbmOYeMes68jAmgV6R0JMR7x8I05-0CZsEkeauiq2vg9ZXzPL62jkr1a87ZXskWGRHENmzOD7giyUQd1kb2ARYz85Z4xgHIhUlu8trM20~2sIdzyQCzNqFDJNI1t2ruWKHUNzrjeHXPOe14aQ2g9oH9xM41RXCkyrFON2ASPwSS7aG4H5RDxUVg8KzFahzZvZYrJq8JmzfVskPmSBGPdMoZY3DvZE2DQcw7oSiqMjyNNzHaaykKXn9opXwkQXqesrBJ7HMcWXm-54NbKFS2dMq1A__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"research_interests":[{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics"},{"id":32434,"name":"Exponential Smoothing","url":"https://www.academia.edu/Documents/in/Exponential_Smoothing"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate"},{"id":471353,"name":"Purchasing Power Parity","url":"https://www.academia.edu/Documents/in/Purchasing_Power_Parity"},{"id":511649,"name":"Unit Root","url":"https://www.academia.edu/Documents/in/Unit_Root"},{"id":541021,"name":"Unit Root Test","url":"https://www.academia.edu/Documents/in/Unit_Root_Test"},{"id":610057,"name":"Real Exchange Rate","url":"https://www.academia.edu/Documents/in/Real_Exchange_Rate"},{"id":882604,"name":"Nonlinear Model","url":"https://www.academia.edu/Documents/in/Nonlinear_Model"},{"id":1709206,"name":"Mean Reversion","url":"https://www.academia.edu/Documents/in/Mean_Reversion"},{"id":1993758,"name":"Autoregressive model","url":"https://www.academia.edu/Documents/in/Autoregressive_model"},{"id":3907641,"name":"Augmented Dickey Fuller","url":"https://www.academia.edu/Documents/in/Augmented_Dickey_Fuller"}],"urls":[{"id":42071512,"url":"https://www.qmul.ac.uk/sef/media/econ/research/workingpapers/2003/items/wp484.pdf"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281294"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119281294/Monetary_policy_divergences_in_the_euro_area_the_early_record_of_the_European_Central_Bank"><img alt="Research paper thumbnail of Monetary policy divergences in the euro area: the early record of the European Central Bank" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119281294/Monetary_policy_divergences_in_the_euro_area_the_early_record_of_the_European_Central_Bank">Monetary policy divergences in the euro area: the early record of the European Central Bank</a></div><div class="wp-workCard_item"><span>Edward Elgar Publishing eBooks</span><span>, Nov 25, 2005</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book sug...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of the money supply, which was fashionable in the 1970s and 1980s in the UK, US, Europe and elsewhere, was abandoned in favour of monetary rules that focus on interest rate manipulation by the central bank. The objective of these rules is to achieve specific, or a range of, inflation targets.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281294"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281294"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281294; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281294]").text(description); $(".js-view-count[data-work-id=119281294]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281294; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281294']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281294, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119281294]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281294,"title":"Monetary policy divergences in the euro area: the early record of the European Central Bank","translated_title":"","metadata":{"abstract":"Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281288"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119281288/Policy_conflict_coordination_and_leadership_in_a_monetary_union_under_imperfect_instrument_substitutability"><img alt="Research paper thumbnail of Policy conflict, coordination, and leadership in a monetary union under imperfect instrument substitutability" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119281288/Policy_conflict_coordination_and_leadership_in_a_monetary_union_under_imperfect_instrument_substitutability">Policy conflict, coordination, and leadership in a monetary union under imperfect instrument substitutability</a></div><div class="wp-workCard_item"><span>Journal of Economic Behavior and Organization</span><span>, Mar 1, 2021</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Abstract This paper investigates the implications of strategic fiscal-monetary policy interaction...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Abstract This paper investigates the implications of strategic fiscal-monetary policy interactions on the policy mix and coordination in a monetary union under imperfect policy instrument substitutability. We develop a model that incorporates the key features of the New-Keynesian framework augmented by a cost channel of monetary policy. Both policy instruments can directly affect inflation, hence having supply-side effects, too. We consider alternative strategic and fiscal regimes. We show that relative policy effectiveness and the cost-channel effect together define policy-mix outcomes, policies’ cyclicality, and coordination problems. The cost channel limits union-wide demand shocks’ stabilization, the monetary authority can no longer manage the cycle, and cooperation and commitment irrelevance do not hold anymore. The lead authority reacts to the follower authority&#39;s reaction parameter, hence to the follower&#39;s preference parameter, while it might choose not to trade-off its objectives. In the leadership strategic regimes for demand-side policy instruments, the leader reacts positively/negatively to the follower&#39;s preference parameter, if its instrument is more/less effective in stabilizing inflation (relative to aggregate demand) than the follower&#39;s policy instrument.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281288"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281288"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281288; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281288]").text(description); $(".js-view-count[data-work-id=119281288]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281288; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281288']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281288, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119281288]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281288,"title":"Policy conflict, coordination, and leadership in a monetary union under imperfect instrument substitutability","translated_title":"","metadata":{"abstract":"Abstract This paper investigates the implications of strategic fiscal-monetary policy interactions on the policy mix and coordination in a monetary union under imperfect policy instrument substitutability. We develop a model that incorporates the key features of the New-Keynesian framework augmented by a cost channel of monetary policy. Both policy instruments can directly affect inflation, hence having supply-side effects, too. We consider alternative strategic and fiscal regimes. We show that relative policy effectiveness and the cost-channel effect together define policy-mix outcomes, policies’ cyclicality, and coordination problems. The cost channel limits union-wide demand shocks’ stabilization, the monetary authority can no longer manage the cycle, and cooperation and commitment irrelevance do not hold anymore. The lead authority reacts to the follower authority\u0026#39;s reaction parameter, hence to the follower\u0026#39;s preference parameter, while it might choose not to trade-off its objectives. In the leadership strategic regimes for demand-side policy instruments, the leader reacts positively/negatively to the follower\u0026#39;s preference parameter, if its instrument is more/less effective in stabilizing inflation (relative to aggregate demand) than the follower\u0026#39;s policy instrument.","publisher":"Elsevier BV","publication_date":{"day":1,"month":3,"year":2021,"errors":{}},"publication_name":"Journal of Economic Behavior and Organization"},"translated_abstract":"Abstract This paper investigates the implications of strategic fiscal-monetary policy interactions on the policy mix and coordination in a monetary union under imperfect policy instrument substitutability. We develop a model that incorporates the key features of the New-Keynesian framework augmented by a cost channel of monetary policy. Both policy instruments can directly affect inflation, hence having supply-side effects, too. We consider alternative strategic and fiscal regimes. 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We show that when one national fiscal authority enjoys a strategic advantage over the other and fiscal policy can directly affect inflation, monetary policy cannot fully stabilize pure demand shocks at the union level, unless they are common. Moreover, we characterize a situation where country-specific fiscal policies diverge, being counter-cyclical for one country and pro-cyclical for the other, for high enough values of the direct effect of fiscal policy on the inflation parameter. The coordination of national fiscal policies becomes desirable for the union central bank.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281284"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281284"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281284; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281284]").text(description); $(".js-view-count[data-work-id=119281284]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281284; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281284']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281284, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119281284]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281284,"title":"Can monetary policy fully stabilize pure demand shocks in a monetary union with a fiscal leader?","translated_title":"","metadata":{"abstract":"We consider the ability of monetary policy to fully stabilize pure demand shocks in a monetary union with strategically acting fiscal authorities. 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International Evidence from Central Bank Forecasts</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2001</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="526d39fae7e3b265a7eb62cf1e88c929" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":114687962,"asset_id":119281281,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/114687962/download_file?st=MTczMzAxOTcwMCw4LjIyMi4yMDguMTQ2&s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281281"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281281"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281281; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281281]").text(description); $(".js-view-count[data-work-id=119281281]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281281; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281281']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281281, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "526d39fae7e3b265a7eb62cf1e88c929" } } $('.js-work-strip[data-work-id=119281281]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281281,"title":"Does it Pay to be Transparent? 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International Evidence Form Central Bank Forecasts</a></div><div class="wp-workCard_item"><span>Review</span><span>, 2002</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="f59af4498db4784f27fcd6365759967e" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":114687898,"asset_id":119281276,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/114687898/download_file?st=MTczMzAxOTcwMCw4LjIyMi4yMDguMTQ2&s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281276"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281276"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281276; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281276]").text(description); $(".js-view-count[data-work-id=119281276]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281276; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281276']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281276, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "f59af4498db4784f27fcd6365759967e" } } $('.js-work-strip[data-work-id=119281276]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281276,"title":"Does It Pay to be Transparent? 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281270"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119281270/Re_examine_Purchasing_Power_Parity_using_Inflation_Extracted_from_Stock_Market_Data"><img alt="Research paper thumbnail of Re-examine Purchasing Power Parity using Inflation Extracted from Stock Market Data" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119281270/Re_examine_Purchasing_Power_Parity_using_Inflation_Extracted_from_Stock_Market_Data">Re-examine Purchasing Power Parity using Inflation Extracted from Stock Market Data</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2010</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">ABSTRACT This paper follows a novel method recently proposed by Chowdhry, Roll and Xia (CRX) (200...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">ABSTRACT This paper follows a novel method recently proposed by Chowdhry, Roll and Xia (CRX) (2005) to extract an inflation measure from stock returns and re-examines the short run purchasing power parity. CRX argue that the extracted series contains simultaneous information from financial markets and its volatility is closer to that of exchange rates. They find strong evidence supporting relative PPP in short run for the U.S. against Japan, UK and Germany. Using the same methods, this study tests the PPP relation for four different countries against the United States from 1983 to 2006. The results show that only half of the cases provide supportive evidence for short run PPP. Thus the new method might not be a general approach to solve the PPP puzzle and might be data sensitive.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281270"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281270"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281270; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281270]").text(description); $(".js-view-count[data-work-id=119281270]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281270; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281270']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281270, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119281270]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281270,"title":"Re-examine Purchasing Power Parity using Inflation Extracted from Stock Market Data","translated_title":"","metadata":{"abstract":"ABSTRACT This paper follows a novel method recently proposed by Chowdhry, Roll and Xia (CRX) (2005) to extract an inflation measure from stock returns and re-examines the short run purchasing power parity. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281267"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119281267/The_long_run_real_exchange_rate_in_small_developed_economies"><img alt="Research paper thumbnail of The long-run real exchange rate in small developed economies" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119281267/The_long_run_real_exchange_rate_in_small_developed_economies">The long-run real exchange rate in small developed economies</a></div><div class="wp-workCard_item"><span>International Advances in Economic Research</span><span>, May 1, 1998</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">ABSTRACT Without Abstract</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281267"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281267"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281267; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281257"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119281257/Fiscal_Policy_Rules_in_Monetary_Unions"><img alt="Research paper thumbnail of Fiscal Policy Rules in Monetary Unions" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119281257/Fiscal_Policy_Rules_in_Monetary_Unions">Fiscal Policy Rules in Monetary Unions</a></div><div class="wp-workCard_item"><span>Journal of Post Keynesian Economics</span><span>, Sep 23, 2013</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">This paper reviews some aspects of the literature on the design of fiscal policy rules in monetar...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">This paper reviews some aspects of the literature on the design of fiscal policy rules in monetary unions. We consider the theoretical rationale that motivates the need for imposing fiscal policy rules in the context of a monetary union. Then we analyze mechanisms (other than rules) that can potentially enhance fiscal discipline. We discuss the recent thinking and practice on numerical fiscal policy rules and on fiscal policy rules as they emerge from the optimizing behavior of fiscal and monetary authorities in a monetary union.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281257"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281257"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281257; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281257]").text(description); $(".js-view-count[data-work-id=119281257]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281257; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281257']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281257, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119281257]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281257,"title":"Fiscal Policy Rules in Monetary Unions","translated_title":"","metadata":{"abstract":"This paper reviews some aspects of the literature on the design of fiscal policy rules in monetary unions. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281255"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119281255/Strategic_fiscal_policies_and_leadership_in_a_monetary_union"><img alt="Research paper thumbnail of Strategic fiscal policies and leadership in a monetary union" class="work-thumbnail" src="https://attachments.academia-assets.com/114687938/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119281255/Strategic_fiscal_policies_and_leadership_in_a_monetary_union">Strategic fiscal policies and leadership in a monetary union</a></div><div class="wp-workCard_item"><span>European Journal of Political Economy</span><span>, Mar 1, 2017</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="084930e83bdea7a580e577f601ddb8e0" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":114687938,"asset_id":119281255,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/114687938/download_file?st=MTczMzAxOTcwMCw4LjIyMi4yMDguMTQ2&s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281255"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281255"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281255; 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In particular we depart from the standard literature on strategic interactions in monetary unions in that we solve a threestage game, where the two national fiscal authorities do not play simultaneously. We find that there is always an incentive for the leader fiscal authority to play a three-stage game, which leaves the other fiscal authority worse off under demand shocks. This choice leads to more (less) volatile union-wide fiscal stance for demand (supply) shocks compared to the standard narrow-coordination case. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> </div><div class="profile--tab_content_container js-tab-pane tab-pane" data-section-id="4550455" id="papers"><div class="js-work-strip profile--work_container" data-work-id="124504421"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/124504421/Transparency_in_monetary_policy_Editorial_introduction"><img alt="Research paper thumbnail of Transparency in monetary policy - Editorial introduction" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/124504421/Transparency_in_monetary_policy_Editorial_introduction">Transparency in monetary policy - Editorial introduction</a></div><div class="wp-workCard_item"><span>The Manchester School</span><span>, 2003</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="124504421"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="124504421"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 124504421; 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281297"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119281297/Concentration_versus_Efficiency_and_Financial_Liberalization_in_Latin_American_Banking"><img alt="Research paper thumbnail of Concentration versus Efficiency and Financial Liberalization in Latin American Banking" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119281297/Concentration_versus_Efficiency_and_Financial_Liberalization_in_Latin_American_Banking">Concentration versus Efficiency and Financial Liberalization in Latin American Banking</a></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">The processes of financial liberalization and international integration have contributed to signi...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">The processes of financial liberalization and international integration have contributed to significant changes in the banking sectors of many developing countries. In Latin America, banking sectors have experienced an accelerated process of consolidation. Enhanced consolidation has been accompanied by a significant increase in the degree of market concentration in the banking industry. A direct effect of such measures has been the inflow of foreign capital which, although necessary for recapitalizing the financial system, increases the market concentration of the sector. A number of current concerns about the implications of market concentration on competitiveness in the banking industry and its possible impact in the economy exist. The banking sector seems to be highly concentrated in many countries in Latin America and therefore studying the sector and identifying the impact of the enhanced degree of concentration and its potential collusion effects seems an appropriate task. For example, some of the collusion effects that may have been driven by a highly concentrated banking sector may include high commercial lending rates, credit rationing and low deposit rates.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281297"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281297"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281297; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281297]").text(description); $(".js-view-count[data-work-id=119281297]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281297; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281297']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281297, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119281297]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281297,"title":"Concentration versus Efficiency and Financial Liberalization in Latin American Banking","translated_title":"","metadata":{"abstract":"The processes of financial liberalization and international integration have contributed to significant changes in the banking sectors of many developing countries. In Latin America, banking sectors have experienced an accelerated process of consolidation. Enhanced consolidation has been accompanied by a significant increase in the degree of market concentration in the banking industry. A direct effect of such measures has been the inflow of foreign capital which, although necessary for recapitalizing the financial system, increases the market concentration of the sector. A number of current concerns about the implications of market concentration on competitiveness in the banking industry and its possible impact in the economy exist. The banking sector seems to be highly concentrated in many countries in Latin America and therefore studying the sector and identifying the impact of the enhanced degree of concentration and its potential collusion effects seems an appropriate task. For example, some of the collusion effects that may have been driven by a highly concentrated banking sector may include high commercial lending rates, credit rationing and low deposit rates.","publication_date":{"day":null,"month":null,"year":2007,"errors":{}}},"translated_abstract":"The processes of financial liberalization and international integration have contributed to significant changes in the banking sectors of many developing countries. In Latin America, banking sectors have experienced an accelerated process of consolidation. Enhanced consolidation has been accompanied by a significant increase in the degree of market concentration in the banking industry. A direct effect of such measures has been the inflow of foreign capital which, although necessary for recapitalizing the financial system, increases the market concentration of the sector. A number of current concerns about the implications of market concentration on competitiveness in the banking industry and its possible impact in the economy exist. The banking sector seems to be highly concentrated in many countries in Latin America and therefore studying the sector and identifying the impact of the enhanced degree of concentration and its potential collusion effects seems an appropriate task. For example, some of the collusion effects that may have been driven by a highly concentrated banking sector may include high commercial lending rates, credit rationing and low deposit rates.","internal_url":"https://www.academia.edu/119281297/Concentration_versus_Efficiency_and_Financial_Liberalization_in_Latin_American_Banking","translated_internal_url":"","created_at":"2024-05-18T04:07:51.549-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":42708840,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[],"slug":"Concentration_versus_Efficiency_and_Financial_Liberalization_in_Latin_American_Banking","translated_slug":"","page_count":null,"language":"en","content_type":"Work","owner":{"id":42708840,"first_name":"Georgios","middle_initials":null,"last_name":"Chortareas","page_name":"GeorgiosChortareas","domain_name":"independent","created_at":"2016-02-05T00:43:37.257-08:00","display_name":"Georgios Chortareas","url":"https://independent.academia.edu/GeorgiosChortareas"},"attachments":[],"research_interests":[{"id":26,"name":"Business","url":"https://www.academia.edu/Documents/in/Business"},{"id":735,"name":"International Economics","url":"https://www.academia.edu/Documents/in/International_Economics"},{"id":63444,"name":"Financial System","url":"https://www.academia.edu/Documents/in/Financial_System"},{"id":578704,"name":"Liberalization","url":"https://www.academia.edu/Documents/in/Liberalization"},{"id":1006340,"name":"Credit Rationing","url":"https://www.academia.edu/Documents/in/Credit_Rationing"},{"id":4109113,"name":"Latin Americans","url":"https://www.academia.edu/Documents/in/Latin_Americans"}],"urls":[{"id":42071514,"url":"https://doi.org/10.1057/9780230801493_8"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281296"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119281296/Getting_PPP_Right_Identifying_Mean_Reverting_Real_Exchange_Rates_in_Panels"><img alt="Research paper thumbnail of Getting PPP Right: Identifying Mean-Reverting Real Exchange Rates in Panels" class="work-thumbnail" src="https://attachments.academia-assets.com/114687908/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119281296/Getting_PPP_Right_Identifying_Mean_Reverting_Real_Exchange_Rates_in_Panels">Getting PPP Right: Identifying Mean-Reverting Real Exchange Rates in Panels</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2004</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="da90752a3c54de6b59259b8033a2e481" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":114687908,"asset_id":119281296,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/114687908/download_file?st=MTczMzAxOTcwMCw4LjIyMi4yMDguMTQ2&s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281296"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281296"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281296; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281296]").text(description); $(".js-view-count[data-work-id=119281296]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281296; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281296']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281296, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "da90752a3c54de6b59259b8033a2e481" } } $('.js-work-strip[data-work-id=119281296]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281296,"title":"Getting PPP Right: Identifying Mean-Reverting Real Exchange Rates in Panels","translated_title":"","metadata":{"publisher":"Social Science Electronic Publishing","grobid_abstract":"Recent advances in testing for the validity of Purchasing Power Parity (PPP) focus on the time series properties of real exchange rates in panel frameworks. One weakness of such tests, however, is that they fail to inform the researcher as to which cross-section units are stationary. As a consequence, a reservation for PPP analyses based on such tests is that a small number of real exchange rates in a given panel may drive the results. In this paper we examine the PPP hypothesis focusing on the stationarity of the real exchange rates in up to 25 OECD countries. We introduce a methodology that when applied to a set of established panel-unit-root tests, allows to identify the real exchange rates that are stationary and poolable without trading-off any test power. We apply procedures that account for cross-sectional dependence. Our results reveal evidence of mean-reversion that is significantly stronger as compared to those obtained by the existing literature, strengthening the case for PPP. Moreover, our approach allows to provide half-lives estimates for the mean-reverting real exchange rates and so find that the half-lives are shorter than the literature consensus and therefore that the PPP puzzle is less pronounced than initially thought.","publication_date":{"day":null,"month":null,"year":2004,"errors":{}},"publication_name":"Social Science Research Network","grobid_abstract_attachment_id":114687908},"translated_abstract":null,"internal_url":"https://www.academia.edu/119281296/Getting_PPP_Right_Identifying_Mean_Reverting_Real_Exchange_Rates_in_Panels","translated_internal_url":"","created_at":"2024-05-18T04:07:51.059-07:00","preview_url":null,"current_user_can_edit":null,"current_user_is_owner":null,"owner_id":42708840,"coauthors_can_edit":true,"document_type":"paper","co_author_tags":[],"downloadable_attachments":[{"id":114687908,"title":"","file_type":"pdf","scribd_thumbnail_url":"https://attachments.academia-assets.com/114687908/thumbnails/1.jpg","file_name":"392138131.pdf","download_url":"https://www.academia.edu/attachments/114687908/download_file?st=MTczMzAxOTcwMCw4LjIyMi4yMDguMTQ2&","bulk_download_file_name":"Getting_PPP_Right_Identifying_Mean_Rever.pdf","bulk_download_url":"https://d1wqtxts1xzle7.cloudfront.net/114687908/392138131-libre.pdf?1716037878=\u0026response-content-disposition=attachment%3B+filename%3DGetting_PPP_Right_Identifying_Mean_Rever.pdf\u0026Expires=1733019322\u0026Signature=Skq41sLpWXyy-vfSG~oZEcPwMbGhALoq2HGyJvJBkM~gq2csqp41SPr9rtEcv93s67KDOz7zXf6hR6WXVoNm21i686iRrVsDhrxGNKHYwMzG9A89xlODz4Vs3iX~eProUDlXXdpBWL5AnoqjzI3ggFoBry4FwrtCByGGlPaQSU542QII9od2WBO8Ufg~uYioLh5UsgK2T06V8HDOZehN72Uw58R9BkMUiEtJThDqncQuVpfLz~tkbiov77LPk7ebTKPs0JqKfah1CMlnmSSaN4nbbhIA4Svrq2e5q4xj44X9lxO-Y~B9-lghDfgT-7e99Fxp4WpLpAY-8UUm1MxbBg__\u0026Key-Pair-Id=APKAJLOHF5GGSLRBV4ZA"}],"slug":"Getting_PPP_Right_Identifying_Mean_Reverting_Real_Exchange_Rates_in_Panels","translated_slug":"","page_count":32,"language":"en","content_type":"Work","owner":{"id":42708840,"first_name":"Georgios","middle_initials":null,"last_name":"Chortareas","page_name":"GeorgiosChortareas","domain_name":"independent","created_at":"2016-02-05T00:43:37.257-08:00","display_name":"Georgios 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Mathematics","url":"https://www.academia.edu/Documents/in/Applied_Mathematics"},{"id":724,"name":"Economics","url":"https://www.academia.edu/Documents/in/Economics"},{"id":747,"name":"Econometrics","url":"https://www.academia.edu/Documents/in/Econometrics"},{"id":4456,"name":"Time Series","url":"https://www.academia.edu/Documents/in/Time_Series"},{"id":69856,"name":"Social Science Research Network","url":"https://www.academia.edu/Documents/in/Social_Science_Research_Network"},{"id":228986,"name":"Exchange rate","url":"https://www.academia.edu/Documents/in/Exchange_rate"},{"id":443693,"name":"Reservation","url":"https://www.academia.edu/Documents/in/Reservation"},{"id":471353,"name":"Purchasing Power Parity","url":"https://www.academia.edu/Documents/in/Purchasing_Power_Parity"},{"id":511649,"name":"Unit Root","url":"https://www.academia.edu/Documents/in/Unit_Root"},{"id":1357254,"name":"Banking finance","url":"https://www.academia.edu/Documents/in/Banking_finance-1"},{"id":1709206,"name":"Mean Reversion","url":"https://www.academia.edu/Documents/in/Mean_Reversion"},{"id":3079415,"name":"Finance and Investment Banking","url":"https://www.academia.edu/Documents/in/Finance_and_Investment_Banking"}],"urls":[{"id":42071513,"url":"https://www.econstor.eu/bitstream/10419/62893/1/392138131.pdf"}]}, dispatcherData: dispatcherData }); $(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281295"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" href="https://www.academia.edu/119281295/The_Yen_Real_Exchange_Rate_may_be_Stationary_after_all_Evidence_from_Non_linear_Unit_root_Tests_"><img alt="Research paper thumbnail of The Yen Real Exchange Rate may be Stationary after all: Evidence from Non-linear Unit-root Tests*" class="work-thumbnail" src="https://attachments.academia-assets.com/114687907/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119281295/The_Yen_Real_Exchange_Rate_may_be_Stationary_after_all_Evidence_from_Non_linear_Unit_root_Tests_">The Yen Real Exchange Rate may be Stationary after all: Evidence from Non-linear Unit-root Tests*</a></div><div class="wp-workCard_item"><span>Oxford Bulletin of Economics and Statistics</span><span>, Feb 1, 2004</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="9cd0c558d64917d12211016ca60f7eb1" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":114687907,"asset_id":119281295,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/114687907/download_file?st=MTczMzAxOTcwMCw4LjIyMi4yMDguMTQ2&s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281295"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281295"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281295; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281295]").text(description); $(".js-view-count[data-work-id=119281295]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281295; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281295']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281295, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "9cd0c558d64917d12211016ca60f7eb1" } } $('.js-work-strip[data-work-id=119281295]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281295,"title":"The Yen Real Exchange Rate may be Stationary after all: Evidence from Non-linear Unit-root Tests*","translated_title":"","metadata":{"publisher":"Wiley-Blackwell","grobid_abstract":"The empirical literature that tests for purchasing power parity (PPP) by focusing on the stationarity of real exchange rates has so far provided, at best, mixed results. The yen real exchange rate behavior, as compared to other major currencies, has most stubornly challenged the PPP hypothesis and deepened this puzzle. This paper contributes to this discussion by providing new evidence on the stationarity of bilateral yen real exchange rates. We employ a non-linear version of the Augmented Dickey-Fuller test, based on an exponentially smoothtransition autogregressive model (ESTAR) that enhances the power of the tests against mean-reverting nonlinear alternative hypotheses. Our results suggest that the bilateral yen real exchange rates against the other G7 and Asian currencies were mean reverting during the post-Bretton Woods era. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281294"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119281294/Monetary_policy_divergences_in_the_euro_area_the_early_record_of_the_European_Central_Bank"><img alt="Research paper thumbnail of Monetary policy divergences in the euro area: the early record of the European Central Bank" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119281294/Monetary_policy_divergences_in_the_euro_area_the_early_record_of_the_European_Central_Bank">Monetary policy divergences in the euro area: the early record of the European Central Bank</a></div><div class="wp-workCard_item"><span>Edward Elgar Publishing eBooks</span><span>, Nov 25, 2005</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book sug...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of the money supply, which was fashionable in the 1970s and 1980s in the UK, US, Europe and elsewhere, was abandoned in favour of monetary rules that focus on interest rate manipulation by the central bank. The objective of these rules is to achieve specific, or a range of, inflation targets.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281294"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281294"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281294; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281294]").text(description); $(".js-view-count[data-work-id=119281294]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281294; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281294']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281294, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119281294]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281294,"title":"Monetary policy divergences in the euro area: the early record of the European Central Bank","translated_title":"","metadata":{"abstract":"Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281288"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119281288/Policy_conflict_coordination_and_leadership_in_a_monetary_union_under_imperfect_instrument_substitutability"><img alt="Research paper thumbnail of Policy conflict, coordination, and leadership in a monetary union under imperfect instrument substitutability" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119281288/Policy_conflict_coordination_and_leadership_in_a_monetary_union_under_imperfect_instrument_substitutability">Policy conflict, coordination, and leadership in a monetary union under imperfect instrument substitutability</a></div><div class="wp-workCard_item"><span>Journal of Economic Behavior and Organization</span><span>, Mar 1, 2021</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">Abstract This paper investigates the implications of strategic fiscal-monetary policy interaction...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">Abstract This paper investigates the implications of strategic fiscal-monetary policy interactions on the policy mix and coordination in a monetary union under imperfect policy instrument substitutability. We develop a model that incorporates the key features of the New-Keynesian framework augmented by a cost channel of monetary policy. Both policy instruments can directly affect inflation, hence having supply-side effects, too. We consider alternative strategic and fiscal regimes. We show that relative policy effectiveness and the cost-channel effect together define policy-mix outcomes, policies’ cyclicality, and coordination problems. The cost channel limits union-wide demand shocks’ stabilization, the monetary authority can no longer manage the cycle, and cooperation and commitment irrelevance do not hold anymore. The lead authority reacts to the follower authority&#39;s reaction parameter, hence to the follower&#39;s preference parameter, while it might choose not to trade-off its objectives. In the leadership strategic regimes for demand-side policy instruments, the leader reacts positively/negatively to the follower&#39;s preference parameter, if its instrument is more/less effective in stabilizing inflation (relative to aggregate demand) than the follower&#39;s policy instrument.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281288"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281288"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281288; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281288]").text(description); $(".js-view-count[data-work-id=119281288]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281288; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281288']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281288, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119281288]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281288,"title":"Policy conflict, coordination, and leadership in a monetary union under imperfect instrument substitutability","translated_title":"","metadata":{"abstract":"Abstract This paper investigates the implications of strategic fiscal-monetary policy interactions on the policy mix and coordination in a monetary union under imperfect policy instrument substitutability. 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We show that when one national fiscal authority enjoys a strategic advantage over the other and fiscal policy can directly affect inflation, monetary policy cannot fully stabilize pure demand shocks at the union level, unless they are common. Moreover, we characterize a situation where country-specific fiscal policies diverge, being counter-cyclical for one country and pro-cyclical for the other, for high enough values of the direct effect of fiscal policy on the inflation parameter. 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International Evidence from Central Bank Forecasts" class="work-thumbnail" src="https://attachments.academia-assets.com/114687962/thumbnails/1.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" href="https://www.academia.edu/119281281/Does_it_Pay_to_be_Transparent_International_Evidence_from_Central_Bank_Forecasts">Does it Pay to be Transparent? International Evidence from Central Bank Forecasts</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2001</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><a id="526d39fae7e3b265a7eb62cf1e88c929" class="wp-workCard--action" rel="nofollow" data-click-track="profile-work-strip-download" data-download="{"attachment_id":114687962,"asset_id":119281281,"asset_type":"Work","button_location":"profile"}" href="https://www.academia.edu/attachments/114687962/download_file?st=MTczMzAxOTcwMCw4LjIyMi4yMDguMTQ2&s=profile"><span><i class="fa fa-arrow-down"></i></span><span>Download</span></a><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281281"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281281"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281281; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281281]").text(description); $(".js-view-count[data-work-id=119281281]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281281; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281281']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281281, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (true){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "526d39fae7e3b265a7eb62cf1e88c929" } } $('.js-work-strip[data-work-id=119281281]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281281,"title":"Does it Pay to be Transparent? 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$(this).data('initialized', true); } }); $a.trackClickSource(".js-work-strip-work-link", "profile_work_strip") }); </script> <div class="js-work-strip profile--work_container" data-work-id="119281270"><div class="profile--work_thumbnail hidden-xs"><a class="js-work-strip-work-link" data-click-track="profile-work-strip-thumbnail" rel="nofollow" href="https://www.academia.edu/119281270/Re_examine_Purchasing_Power_Parity_using_Inflation_Extracted_from_Stock_Market_Data"><img alt="Research paper thumbnail of Re-examine Purchasing Power Parity using Inflation Extracted from Stock Market Data" class="work-thumbnail" src="https://a.academia-assets.com/images/blank-paper.jpg" /></a></div><div class="wp-workCard wp-workCard_itemContainer"><div class="wp-workCard_item wp-workCard--title"><a class="js-work-strip-work-link text-gray-darker" data-click-track="profile-work-strip-title" rel="nofollow" href="https://www.academia.edu/119281270/Re_examine_Purchasing_Power_Parity_using_Inflation_Extracted_from_Stock_Market_Data">Re-examine Purchasing Power Parity using Inflation Extracted from Stock Market Data</a></div><div class="wp-workCard_item"><span>Social Science Research Network</span><span>, 2010</span></div><div class="wp-workCard_item"><span class="js-work-more-abstract-truncated">ABSTRACT This paper follows a novel method recently proposed by Chowdhry, Roll and Xia (CRX) (200...</span><a class="js-work-more-abstract" data-broccoli-component="work_strip.more_abstract" data-click-track="profile-work-strip-more-abstract" href="javascript:;"><span> more </span><span><i class="fa fa-caret-down"></i></span></a><span class="js-work-more-abstract-untruncated hidden">ABSTRACT This paper follows a novel method recently proposed by Chowdhry, Roll and Xia (CRX) (2005) to extract an inflation measure from stock returns and re-examines the short run purchasing power parity. CRX argue that the extracted series contains simultaneous information from financial markets and its volatility is closer to that of exchange rates. They find strong evidence supporting relative PPP in short run for the U.S. against Japan, UK and Germany. Using the same methods, this study tests the PPP relation for four different countries against the United States from 1983 to 2006. The results show that only half of the cases provide supportive evidence for short run PPP. 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We consider the theoretical rationale that motivates the need for imposing fiscal policy rules in the context of a monetary union. Then we analyze mechanisms (other than rules) that can potentially enhance fiscal discipline. We discuss the recent thinking and practice on numerical fiscal policy rules and on fiscal policy rules as they emerge from the optimizing behavior of fiscal and monetary authorities in a monetary union.</span></div><div class="wp-workCard_item wp-workCard--actions"><span class="work-strip-bookmark-button-container"></span><span class="wp-workCard--action visible-if-viewed-by-owner inline-block" style="display: none;"><span class="js-profile-work-strip-edit-button-wrapper profile-work-strip-edit-button-wrapper" data-work-id="119281257"><a class="js-profile-work-strip-edit-button" tabindex="0"><span><i class="fa fa-pencil"></i></span><span>Edit</span></a></span></span><span id="work-strip-rankings-button-container"></span></div><div class="wp-workCard_item wp-workCard--stats"><span><span><span class="js-view-count view-count u-mr2x" data-work-id="119281257"><i class="fa fa-spinner fa-spin"></i></span><script>$(function () { var workId = 119281257; window.Academia.workViewCountsFetcher.queue(workId, function (count) { var description = window.$h.commaizeInt(count) + " " + window.$h.pluralize(count, 'View'); $(".js-view-count[data-work-id=119281257]").text(description); $(".js-view-count[data-work-id=119281257]").attr('title', description).tooltip(); }); });</script></span></span><span><span class="percentile-widget hidden"><span class="u-mr2x work-percentile"></span></span><script>$(function () { var workId = 119281257; window.Academia.workPercentilesFetcher.queue(workId, function (percentileText) { var container = $(".js-work-strip[data-work-id='119281257']"); container.find('.work-percentile').text(percentileText.charAt(0).toUpperCase() + percentileText.slice(1)); container.find('.percentile-widget').show(); container.find('.percentile-widget').removeClass('hidden'); }); });</script></span><span><script>$(function() { new Works.PaperRankView({ workId: 119281257, container: "", }); });</script></span></div><div id="work-strip-premium-row-container"></div></div></div><script> require.config({ waitSeconds: 90 })(["https://a.academia-assets.com/assets/wow_profile-f77ea15d77ce96025a6048a514272ad8becbad23c641fc2b3bd6e24ca6ff1932.js","https://a.academia-assets.com/assets/work_edit-ad038b8c047c1a8d4fa01b402d530ff93c45fee2137a149a4a5398bc8ad67560.js"], function() { // from javascript_helper.rb var dispatcherData = {} if (false){ window.WowProfile.dispatcher = window.WowProfile.dispatcher || _.clone(Backbone.Events); dispatcherData = { dispatcher: window.WowProfile.dispatcher, downloadLinkId: "-1" } } $('.js-work-strip[data-work-id=119281257]').each(function() { if (!$(this).data('initialized')) { new WowProfile.WorkStripView({ el: this, workJSON: {"id":119281257,"title":"Fiscal Policy Rules in Monetary Unions","translated_title":"","metadata":{"abstract":"This paper reviews some aspects of the literature on the design of fiscal policy rules in monetary unions. 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In particular we depart from the standard literature on strategic interactions in monetary unions in that we solve a threestage game, where the two national fiscal authorities do not play simultaneously. We find that there is always an incentive for the leader fiscal authority to play a three-stage game, which leaves the other fiscal authority worse off under demand shocks. This choice leads to more (less) volatile union-wide fiscal stance for demand (supply) shocks compared to the standard narrow-coordination case. 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