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This paper conducts simulations of the augmented Taylor rule (with an added exchange rate term). It has also been made to analyze the response from external shocks in a simple Inflation Targeting model with trade balance equations. In contrast to Ball (2000), when the exchange rate is included in the Taylor rule, output volatility increases after a negative shock to the capital inflow. The paper also studies the pass-through from the exchange rate devaluation to inflation considering the recent change in the foreign exchange regime in Brazil. Econometric estimations were performed using the specifications of the pass-through suggested by Goldfajn and Werlang (2000).

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We test the proposition that announcements of open market stock repurchases improve the flow of positive information regarding the firm's prospects, particularly for financially weak firms. For financially strong firms with already good prospects for cash flows, the role of stock repurchases is less important. We provide evidence for an inverse relationship between financial risk, measured by bond rating, and the magnitude of stock repurchase‐induced abnormal returns. Results also suggest that the value of information implied by announcements of open market repurchases about increases in cash flows and leverage, is more important for financially weak firms than for financially strong firms.

The focus is on the interaction between demand and supply in a small open economy, featuring the dynamics of money wages, private capital, public debtand foreign assets. A macroeconomic shock induces an extended process of adjustment that is characterized by unemployment. This in turn requires a dynamic path of monetary and fiscal policy. As a response to the shock, the central bank continuously adapts the quantity of money so as to keep up full employment all the time. And the government continuously accommodates its purchases of goods and services. Can this be sustained? Or will public and foreign debt tend to explode, thereby squeezing private capital down to zero? As a finding, the answer depends on the government budget constraint, the exchange rate regime, the size of the foreign interest rate, the flexibility of money wages and other factors. The present monograph consists of two major parts, flexible exchange rates (part I) and fixed exchange rates (part II). Each part in turn is composed of two chapters, the basic model (chapter I) and the economy with public sector (chapter II)

The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies. Equally important is the declining relevance of the real versus the monetary theory dichotomy. These papers focus on those aspects of monetary policy which relate to credibility and non-neutrality; the domestic adjustment to foreign shocks; the interdependence of open economies and their strategic interactions. An important section is also devoted to the innovative modelling of exchange rate dynamics.