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Essays on exchange rates and product...

Chen, Yu-chin.

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Essays on exchange rates and productivity.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Essays on exchange rates and productivity./
Author:	Chen, Yu-chin.
Description:	147 p.
Notes:	Advisers: Kenneth S. Rogoff; Jeffrey A. Frankel; N. Gregory Mankiw.
Contained By:	Dissertation Abstracts International63-04A.
Subject:	Economics, Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3051126
ISBN:	0493656359

Essays on exchange rates and productivity.
Chen, Yu-chin.

Essays on exchange rates and productivity. - 147 p.

Advisers: Kenneth S. Rogoff; Jeffrey A. Frankel; N. Gregory Mankiw.

Thesis (Ph.D.)--Harvard University, 2002.

The first two chapters of this thesis adopt a new angle to re-examine empirical exchange rate puzzles in three OECD economies (Australia, Canada, and New Zealand) where primary commodities constitute a major part of their exports. The first chapter considers the connection between nominal exchange rates and macroeconomic fundamentals. Incorporating into standard models an additional “fundamental”—the world market price of the country's major commodity exports—is found to deliver marked improvement in the performance of these models, especially for Australia and New Zealand. The chapter then explores the implication of this finding on the forecastability of exchange rates in an error correction framework, and presents a small open economy general equilibrium model to analyze monetary policy choice for economies subject to such terms of trade shocks.

ISBN: 0493656359Subjects--Topical Terms:

626650
Economics, Finance.

Essays on exchange rates and productivity.
LDR:03512nam 2200337 a 45 001 936070
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020 $a 0493656359
035 $a (UnM)AAI3051126
035 $a AAI3051126
040 $a UnM $c UnM
100 1 $a Chen, Yu-chin. $3 1259767
245 1 0 $a Essays on exchange rates and productivity.
300 $a 147 p.
500 $a Advisers: Kenneth S. Rogoff; Jeffrey A. Frankel; N. Gregory Mankiw.
500 $a Source: Dissertation Abstracts International, Volume: 63-04, Section: A, page: 1449.
502 $a Thesis (Ph.D.)--Harvard University, 2002.
520 $a The first two chapters of this thesis adopt a new angle to re-examine empirical exchange rate puzzles in three OECD economies (Australia, Canada, and New Zealand) where primary commodities constitute a major part of their exports. The first chapter considers the connection between nominal exchange rates and macroeconomic fundamentals. Incorporating into standard models an additional “fundamental”—the world market price of the country's major commodity exports—is found to deliver marked improvement in the performance of these models, especially for Australia and New Zealand. The chapter then explores the implication of this finding on the forecastability of exchange rates in an error correction framework, and presents a small open economy general equilibrium model to analyze monetary policy choice for economies subject to such terms of trade shocks.
520 $a The second chapter studies real exchange rate behavior. For Australia and New Zealand, the US dollar price of their commodity exports is found to have a strong and stable influence on their floating real rates, with the quantitative magnitude of the effects consistent with predictions of standard theoretical models. However, after controlling for commodity price shocks, there is still a purchasing power parity puzzle in the residual. The findings from these two chapters are relevant to many developing country commodity exporters as they liberalize their capital markets and move towards floating exchange rate regimes.
520 $a The third chapter examines whether the spatial agglomeration of production leads to higher labor productivity. Models of economic geography posit that the density of economic activity has two effects that oppose each other in equilibrium: decreasing returns to productive activities due to congestion effects and increasing returns that result from information spillovers and local demand externalities. Extending the work of Ciccone and Hall (1996), we look at the effect of county level labor market concentration on state level productivity both across industries and over states and time. Through careful identification of the source and nature of productivity shocks, we show that the evidence for agglomeration effects is quite robust, even within industries, providing evidence for the presence of Marshallian externalities. As for the balance of agglomeration and congestion effects—the “net increasing returns to scale”—the evidence is mixed.
590 $a School code: 0084.
650 4 $a Economics, Finance. $3 626650
650 4 $a Economics, General. $3 1017424
650 4 $a Economics, Labor. $3 1019135
690 $a 0501
690 $a 0508
690 $a 0510
710 2 0 $a Harvard University. $3 528741
773 0 $t Dissertation Abstracts International $g 63-04A.
790 $a 0084
790 1 0 $a Frankel, Jeffrey A., $e advisor
790 1 0 $a Mankiw, N. Gregory, $e advisor
790 1 0 $a Rogoff, Kenneth S., $e advisor
791 $a Ph.D.
792 $a 2002
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3051126