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11-4. How will a dollar devaluation affect businesses and consumers in the twin cities of El Paso, the United States and Juarez, Mexico?
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- How can an unexpected fall in exchange rates injure the financial health of a nations banks?What are some of the reasons a central bank is likely to care, at least to some extent, about the exchange rate?This chapter has explained that one of the most economically destructive effects of exchange rate fluctuations can happen through the banking system, if banks borrow from abroad to lend domestically. Why is this less likely to be a problem for the U.S. banking system?
- We learned that changes in exchange rates and the corresponding changes in the balance of trade amplify monetary policy. From the perspective of a nations central bank, is this a good thing or a bad thing?In Belarus, the government doesn’t allow trading of its ruble outside a narrow price range, which greatly overvalues the ruble – there is a price floor on the ruble compared to euros or dollars. Because of the floor, currency trading has dried up – who would want to sell foreign currencies for grossly overpriced Belarusian rubles? A friend of one of my students has a web site designed to overcome rigidities in this market, a sort of Craigslist for currency. People specify amounts they are willing to buy or sell, agree to trade at some price and arrange a meeting place. When they meet, the trade nominally occurs at the official price floor, making the transaction nominally legal; but the person selling rubles makes extra payments to the buyer to lower the price sufficiently so that the trade actually takes place at the equilibrium price. This is one more way in which technology helps markets circumvent imperfections and rigidities. Q: If the Belarusian government increases…Suppose the Federal Reserve wants to fix the U.S. exchange rate with the yen at $0.008 per yen. If the equilibrium market exchange rate were significantly lower at $0.007 per yen, what would the Fed need to do to maintain the fixed rate of $0.008 per yen? What would be the effect of these actions on the money supply in the U.S.? Explain.
- Can you think of any major disadvantages to dollarization? How would a central bank work in a country that has dollarized?For each of the following, what is the effect on the supply of foreign currency. The demand for foreign currency, and the dollar price of foreign currency? Does the dollar rise or fall? A recession in the U.S. lowering U.S. incomeAn economic boom increases income in ChinaU.S. interest rates decreaseInterest rates decrease in all major countriesInterest rates rise in Europe and Asia, but not in the U.S.What are the goals of monetary policy? What are the monetary policy targets? Which target is currently utilized by the Fed? Why doesn’t the Fed use the other one? If American demand for purchases of British goods has decreased, how would you expect the equilibrium exchange rate in the market for dollars to respond?
- What would be a major disadvantage to dollarization? How would a central bank work in a country that has dollarized?Analyze the effects of a temporary increase in the European money supply on the dollar/euroexchange rate using both the Australian money market and the foreign exchange marketCould you add more information regarding the below statement? "The Federal Reserve System plays a massive role in not only the economy of the united states but alos in the global economy. The US dollar is one of the most popular and well recognized forms of currency all around the world, making it the basis for many financial transactions and trades. This popularity and standardization in regards to the dollar makes it one of if not the most important currency in the world, whose value has implications on nearly every aspect of trade, consumers, and even other countries wellbeing. Because of this, the fed, who has the ability to influence the value of the dollar and the economy, is likely the most important financial institution of the world, because of it's ability to severely impact both positively and negatively the united states economy and the world economy. With the recent inflation, I do think that the fed should take some action to mitigate the risk of any catastrophic…
