REAL EXCHANGE-RATE EFFECTS OF MONETARY DISTURBANCES UNDER DIFFERENT DEGREES OF EXCHANGE-RATE FLEXIBILITY - AN EMPIRICAL-ANALYSIS

• 成果类型: Article
• 署名作者: GLICK, R; KRETZMER, P; WIHLBORG, C
• 署名单位: University of Gothenburg
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/0022-1996(94)01360-5
• 发表日期: 1995
• 页码: 249-273
• 关键词: Exchange rate; monetary policy

摘要

We examine the effects of monetary policy on the real exchange rate. In a cross-country analysis, we find that the variability of money shocks and the degree of informativeness of the exchange rate are important determinants of the magnitude of the real exchange rate effects of domestic money shocks. Our results are consistent with previous cross-country evidence on the output effects of money shocks but also highlight the role of the exchange rate regime.