Christoph A. Fischer
Deutsche Bundesbank
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Featured researches published by Christoph A. Fischer.
Federal Reserve Bank of Dallas, Globalization and Monetary Policy Institute Working Papers | 2011
Christoph A. Fischer
Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that long-term structural economic variables determine a given country’s currency bloc affiliation. The dollar bloc differs from the euro bloc in that there exists a group of countries that peg temporarily to the US dollar without having close economic affinities with the bloc. The estimated parameters are consistent with an additive random utility model interpretation. A currency bloc equilibrium in the spirit of Alesina and Barro (2002) is derived empirically.
Australian Economic Papers | 2002
Christoph A. Fischer; Karlhans Sauernheimer
An equilibrium time path of the real effective exchange rate of Germanys currency in the post Bretton Woods period is calculated. For this purpose, a NATREX model for the long–run determination of this specific variable is developed. A cointegration analysis gives evidence in favour of the model and provides the equilibrium values. The theoretical and empirical results are used to analyse in detail movements in the real exchange rate of the D–Mark. Estimation results suggest, among other things, that the D–Mark has mostly been overvalued and that it often adjusted with some delay to changes in the fundamentals.
Applied Financial Economics | 2006
Christoph A. Fischer
By disaggregating price indices, it becomes apparent that the real exchange rate consists of the real exchange rate for a single good and a weighted sum of relative prices between goods. When applying a battery of panel unit root tests to this sum and its components, it is found that both the sum and the relative prices are non-stationary. This implies that PPP is invalid even if the LOP holds for all goods. The findings contrast with the result from panel unit root tests that real exchange rates as a whole are stationary. Several suggestions for solving the conflict are discussed.
Review of World Economics | 2004
Christoph A. Fischer
European Economic Review | 2012
Christoph A. Fischer
Federal Reserve Bank of Dallas, Globalization and Monetary Policy Institute Working Papers | 2011
Niko Dötz; Christoph A. Fischer
Archive | 2007
Christoph A. Fischer
Journal of International Money and Finance | 2014
Christoph A. Fischer; Oliver Hossfeld
Open Economies Review | 2018
Christoph A. Fischer; Oliver Hossfeld; Karin Radeck
Empirical Economics | 2010
Christoph A. Fischer; Daniel Porath