In the beginning of 1990s Sweden implemented several measures in order to maintain price stability. These measures have resulted in an environment in which inflation is lower and more stable. The same development could be seen in other OECD countries. At the same time a decrease in exchange rate pass-through was noticed in many countries. This has led researchers to believe that there may be a connection, between these two phenomena. This dissertation analyzes whether there has been any change in exchange rate pass-through for manufacturing products in Sweden between the high inflation period (1977-1993) and the low inflation period (1994-2006). The result shows that there is a difference in the exchange rate pass-through between the two periods. During the low inflation period the degree of pass-through was lower than during the high inflation period.

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A warfighter's situation awareness is vital to their survival and lethality on the battlefield. Situation awareness, achieved through audition, allows the warfighter to quickly and accurately locate the position of fellow warfighters and potential threats. However, hearing loss, acoustic trauma, or the use of hearing protection can diminish this vital ability to locate sounds in the environment accurately. The introduction of electronically modulated hearing protection and enhancement devices (HPED) is an attempt to improve auditory situation awareness for the warfighter. Currently, however, there are no auditory fitness-for-duty measures that allow an warfighter, commander, or medical personnel to assess localization performance in the open-ear or with hearing protection. Such an assessment is important for pre-placement of a warfighter into a hearing critical job and also as a readiness metric prior-to and during a deployment. The ability to measure performance with a hearing protector will also assist warfighters in selecting protection that will afford maximum performance. This study examined a set of auditory fitness for duty (AFFD) test/stimulus combinations designed to quantify horizontal localization performance. Three listening conditions were used throughout the study; they included an open-ear condition as well as in-the- ear HPED and over-the-ear HPED. The Peltor Com-Tac IITM was used as the over-the- ear HPED and the Etymotic EB15 BlastPLGTM was used as the in-the-ear HPED. Stimuli consisted of filtered pink-noise that differed in both duration and frequency. Frequencies ranged from 500-1000 Hz (low) and 3000-6000 Hz (high) and durations included 300 ms (short) and 3 seconds (long). Stimuli were presented at 60 and 70 dB SPL. AFFD measures were specifically designed to measure current performance or to predict performance after training. Measures of current performance include an accuracy test measured in four quadrants (Left-Front, Right-Front, Left-Rear, and Right- Rear) and a front-back confusion test (FBCT). Accuracy within each quadrant was reduced to a mean absolute error, in degrees, for stimuli presented at 30 deg and 60 deg from the medial plane. FBCT consisted of a percent correct for stimuli presented at 0 deg and 180deg. Measures of post-training performance include an inter-aural cues test and a front-back difference test FBDT. The IACT and FBDT required participants to identify if two sequential stimuli were presented from the same or different locations. The IACT was tested in the left-front and right-front quadrants (for stimuli at 30 deg and 60 deg) and the FBCT was tested with stimuli at 0 deg and 180 deg These tests also provided a percent. Results show that the high-frequency long-duration (H-Long) stimuli predicted current localization performance well, for all listening conditions. Other AFFD test/stimulus combinations were also found to predict performance for a given listening condition, but not for all conditions. AFFD measures designed to predict post-training performance did not show any AFFD test/stimuli combinations that worked for all listening conditions. There were some combinations that worked for a given listening condition but not all conditions. A further analysis of the data showed that the limited number and types of HPEDs used may have confounded these results. Passive hearing protectors as well as HPEDs are known to disturb the spectral and temporal auditory cues that allow for accurate localization. While these cues are disturbed they are often still present in the signal heard by the listener. With training/use of a hearing protector, auditory learning may occur that allows these cues to be used again to accurately locate a sound source. Auditory learning was assessed by providing HPED training/use to novice hearing protection users. Pre and post-training testing was performed with the open-ear, in-the-ear HPED, and over-the-ear HPED. Training was provided for only one type of HPED. Results indicate that auditory learning occurred for the training HPED only. There was no crossover of auditory learning to the non-training protector. Other measures of auditory learning included a subjective confidence rating of the HPED and a measure of response time for the localization task. Results showed that confidence increased for the HPED that was used in training. However, no changes in response time were found for any listening condition. Based on the results of this study, it is recommended that AFFD measures continue to be developed for implementation as pre-placement, HPED selection, return-to-duty, and readiness metrics for U.S. military personnel. It is also recommended that objective and subjective measures of hearing protection performance consider the effect of auditory learning. The rating or ranking of HPEDs by novice users of such a device, without adequate training/use to allow for auditory learning, should be weighed carefully. / Ph. D.

Thesis (Doctoral)--Vallendar, WHU - Otto Beisheim School of Management, 2008. / Includes bibliographical references (p. [93]-97).

This study aimed to examine whether there are differences in the transmission of exchange rate changes on export prices (coefficient of pass-through) the soy complex (beans, meal and oil) between the United States, Brazil and Argentina. Moreover, the specific objectives were to a) describe the characteristics of American markets, Brazil and Argentina in terms of the exports of soybean complex, b) estimate the degree of pass-through of American markets, Brazil and Argentina, and c) review differences in the degree of pass-through between the three countries. The analysis period was from January 2003 to January 2012. As a method, we used time series econometrics to estimate the proposed model, the following procedures: checking the stationarity of the series; selection of lag for the VAR auxiliary; Johansen cointegration test, estimating the cointegration vector, and diagnostic tests for model. The results showed that the United States is the most competitive in the passthrough to the export price of grain and soybean meal. As for soybean oil, the most competitive country in the passthrough is Argentina. / Este trabalho teve como objetivo principal analisar se há diferença na transmissão da variação cambial nos preços de exportação (coeficiente de pass-through) do complexo da soja (grão, farelo e óleo) entre Estados Unidos, Brasil e Argentina. Além disso, os objetivos específicos foram de a) Descrever as características dos mercados americano, brasileiro e argentino no que tange as exportações do complexo da soja; b) Estimar o grau de pass-through dos mercados americano, brasileiro e argentino; e c) Analisar as diferenças entre o grau de passthrough entre os três países. O período de análise foi de janeiro de 2003 a janeiro de 2012. Como método, utilizou-se econometria de séries temporais para estimação do modelo proposto, seguindo os procedimentos: verificação da estacionariedade das séries; seleção de defasagem para o VAR auxiliar; teste de cointegração de Johansen; estimação do vetor de cointegração; e testes diagnósticos para o modelo. Como resultados, observou-se que Estados Unidos é o mais competitivo no repasse cambial para o preço de exportação do grão e do farelo de soja. Já para o óleo de soja, o país mais competitivo no repasse cambial é a Argentina.

The sluggish development of corporate lending has remained the central concern of EU monetary policy makers as it is considered to hinder seriously the resurgence of growth. This paper looks at the development of loans to large corporations vs SMEs in the pre-crisis and post-crisis period and wishes to answer: (i) to which extent do allocated loan volumes actually contribute to Output growth? (ii) which factors determine the development of loans, considering above all loan interest rates? and (iii) what causes differences in loan interest levels across the EA? The results indicate that different loan developments in the EA explain very well differences in output development, loans to SMEs contribute even more to output growth than those for large corporations. Loan development itself is negatively influenced by the interest level which differs significantly across EA members, with small loans in addition always being charged an interest premium over large loans. The capitalization of banks, the size of banks and their internationalization play a role as well. A part of the sluggish growth of loans can be explained by the increasing use of alternative financial instruments by large firms. Interest rates in turn are following the ECB interest rate, - but this link has become looser in the post-crisis period, and long term government bond rates. Different risks faced by banks and different bank structures have become important explanatories of interest rates in the post-crisis period. (author's abstract) / Series: Department of Economics Working Paper Series

This thesis consists of three self-contained essays in International Trade, Exchange Rates and Prices. Although independent, these essays share some common themes. The first two papers can be related to the vast literature on exchange rate pass-through to prices. While the first paper uses firm-product level data from Sweden to study firms’ export price response to movements in exchange rate, the second paper employs aggregate level data from Ethiopia and looks at the issue from the importers’ perspective. The third paper, like the first paper, uses Swedish firm-level data and investigates firms’ exporting behavior. The third paper, however, specifically focuses on export margins of multi-product firms and studies their response when exporting to destinations of different size and distance from the home country. / <p>At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 1: Manuscript. Paper 2: Manuscript. Paper 3: Manuscript.</p>

This thesis examines the exchange rate pass-through into consumer prices in Central and Eastern Europe. The study is based on quarterly data of 12 countries from 2003 to 2013. Estimations are conducted using heterogeneous panel cointegration methods, namely the mean group and the pooled mean group estimators. Fixed effects are used as a reference. The thesis provides short- run and long-run estimates of the exchange rate pass-through for the individual countries and for the region as a whole. Based on the results, we conclude that the exchange rate pass-through is highly variable across Central and Eastern Europe. We find that there is no clear distinction between the pass-through rates in euro area countries, EU countries not using the euro and non- EU countries. Further, we find that the generally accepted concept of higher exchange rate pass- though in developing countries does not hold in this region. JEL Classification C23, E31, E52, F31 Keywords exchange rate pass-through, pooled mean group, mean group, heterogeneous panel cointegration Author's e-mail bara.mirkova@centrum.cz Supervisor's e-mail roman.horvath@gmail.com

Esta pesquisa investiga o comportamento não-linear do pass-through de taxa de câmbio na economia brasileira, durante o período de câmbio flutuante (2000-2015), a partir de um modelo de equilíbrio geral dinâmico estocástico com mudança de regime Markoviana (MS-DSGE). Para isso, utilizamos a metodologia proposta por Baele et al. (2015) e um modelo Novo-Keynesiano básico, sobre o qual incluímos novos elementos na curva de oferta agregada e uma nova equação para a dinâmica cambial. Encontramos evidências de existência de dois regimes distintos para o repasse cambial e para a variância dos choques sobre a inflação. No regime denominado de “Normal”, o pass-through de longo prazo é estimado em 0.0092 pontos percentuais para inflação, dado um choque cambial de 1%, contra 0.1302 pontos percentuais no regime de “Crise”. A superioridade do modelo MS-DSGE sobre o modelo com parâmetros fixos é constatada de acordo com diversos critérios comparativos. / This research investigates the non-linearity of exchange rate pass-through on the Brazilian economy during the floating exchange rate period (2000-2015) in a Markov-switching dynamic stochastic general equilibrium framework (MS-DSGE). We apply methods proposed by Baele et al. (2015) in a basic New Keynesian model, with the addition of new elements to the aggregate supply curve and a new equation for the exchange rate dynamics. We find evidence of two distinct regimes for the exchange rate pass-through and for the volatility of shocks to inflation. During the regime named “Normal”, the long run pass-through is estimated as 0.0092 percent points to inflation, given a 1% exchange rate shock, in contrast to 0.1302 percent points during the “Crisis” regime. The MS-DSGE model appears superior to the fixed parameters model according to various comparison criteria.

This dissertation consists of essays that study exchange rate pass-through, China’s de facto exchange rate regime, and China’s capital controls. The first essay studies exchange rate pass-through (ERPT) by using a set of data from ten countries including four advanced economies and six Asian emerging markets. The price indices used in this essay include consumer price, producer price, import price and export price indices. While most literature only include the import price index, this essay also puts emphasis on the export price index. It investigates the asymmetry in the ERPT between depreciation and appreciation of domestic currency by using a non-linear OLS model; meanwhile, the short-run and long-run effects of ERPT are also compared with each other. It also detects possible structural change in the ERPT and finds most structural change points are around the Great Recession and Asia financial crisis. Finally, a VAR model is developed to detect the impulse responses of prices to exchange rate shock. The second essay is about China’s exchange rate regime. It has changed a lot since the 2005 reform. It is interesting and important to investigate China’s de facto exchange rate regime with the most recent data. This essay follows Frankel and Wei’s (2008) method, by applying both the basic model and new model with the exchange market pressure (EMP) variable to currency basket for the Chinese yuan exchange rate. I select the US dollar, the Euro, the British pound, the Japanese yen, the Canadian dollar, the Australian dollar and the Russian ruble as component currencies of the basket, based on free floaters, GDP and trade volume. I also add results from a VAR model, considering the endogeneity issue, and the results are consistent with those of OLS. I find the weight of the US dollar declines dramatically and the variation of the Chinese yuan becomes much larger after 2015. This implies that China has been transferring its exchange rate regime from dollar pegged to free floating. The third essay investigates the effectiveness of China’s capital controls. In recent years, after 2014, China’s foreign reserves declined dramatically, from 4 trillion US dollars to 3 trillion US dollars. There was a huge amount of capital outflows from China during 2015 to 2016. This phenomenon lets us reconsider the question: Are China’s capital controls still effective? I will use five methods to measure the effectiveness of China’s capital controls, including de jure indicators, saving-investment correlation test, covered interest rate parity, real interest rate differentials and Edwards-Kahn model. The de jure indicators I use are from Fernández et al. (2016) and Chinn and Ito (2008). I compare China with the US, the UK and Japan in the saving-investment correlation test, and with the Eurozone and Japan in covered interest rate parity, real interest rate differentials and Edwards-Kahn model. Various results indicate that China’s capital controls are still effective.