Currency Baskets and Real Effective Exchange Rates

With the major currencies continuously moving (if not floating freely) against each other, a country that does not choose to float must decide what to peg to. If it pegs to the SDR it floats against all currencies. Thus in the system begun in the early 1970s the very concept of a fixed exchange rate is unclear. In this situation many countries have chosen to peg their currencies to a basket, or a weighted average of other currencies. The analysis of this paper is focused on fluctuations in real exchange rates. We first show that pegging to a currency basket is the same as holding constant a real effective exchange rate that uses a specific set of weights depending on a chosen policy target. We also show the weights that correspond to particular targets for stabilization policy. Next we discuss several problems involved in choosing and computing optimal weights or the equivalent real effective rate. It is shown that the index formula itself aggregates countries that are in a currency area, so that monetary authorities should use weights based on trade with countries rather than on currency denomination of trade. Finally, we report on an initial empirical investigation of pegging practices in Greece, Portugal, and Spain. These are all countries that have moved to basket pegs, with geographically diversified trade. We present initial estimates of the implicit weights in their baskets, and find that all three countries experienced real appreciation relative to the basket during the l970s.

GraphQL API generating service for Django

Tato bakalářská práce se zabývá vývojem modulu pro generování GraphQL API ve webovém frameworku Django. Hlavní část práce řeší rozvoj modulu Simple API, který se zaměřuje na rychlou tvorbu API vycházející z existujících definicí v Django. Práce obsahuje analýzu existujících modulů na integraci API do frameworku Django, nejen ty založené na GraphQL, ale také na architektuře REST. Práce také obsahuje analýzu aktuálního stavu vývoje Simple API a na základě této analýzy je vytvořen návrh na doplnění chybějících funkcí, následovaný jejich implementací. Rozšíření se zabývá nejen prvky důležitými pro funkčnost modulu, ale také integrováním zabezpečení GraphQL serveru proti Denial of Service (DoS) a batching útokům prostřednictvím komplexních dotazů. Práce obsahuje popis vývoje dynamické webové aplikace pro testování výstupního API. Výsledkem práce je rozšíření Simple API a webové prostředí Simple API Admin pro prozkoumání a testování vygenerovaného koncového bodu.This bachelor’s thesis describes the development of a module for generating GraphQL API for the Django web framework. The main part of this thesis is concerned with furthering the development of Simple API module, which aims to facilitate fast creation of API endpoints from existing Django definitions. The thesis contains an analysis of existing modules for API creation in Django, not just GraphQL, but also of those generating REST-style API. From the analysis of the current state of Simple API development, new additions to Simple API are designed, then implemented. Other than functional additions, the development also concerns the design and implementation of security features necessary for prevention of Denial of Service (DoS) and batching attacks through complex queries. Furthermore, a web application for testing of the API is also developed in the thesis. The result of this thesis is the expansion of the module Simple API and web application Simple API admin for exploration and testing of the generated endpoint

Adjustment to Variations in Imported Input Prices: The Role of Economic Structure

This paper introduces an imported input into a model of art open economy with developed financial markets, a flexible exchange rate, and some degree of market power on the export side. The model is designed to investigate the impact of an increase in imported input prices on the exchange rate, domestic interest rate, income and nontraded-goods prices. The analysis reveals that changes in various structural parameters, such as the degree of market power or the extent of demand-side openness" or "financial openness," alter the transmission of foreign price disturbances to the domestic economy.

A Silent Prayer : Ein Stilles Gebet

https://digitalcommons.library.umaine.edu/mmb-ps/2630/thumbnail.jp