Monetary policy and the volatility of real exchange rates in New Zealand
نویسندگان
چکیده
منابع مشابه
Monetary Shocks and Real Exchange Rates
Many explanations of the stylized facts concerning real exchange rate movements focus on monetary shocks, but it is often found empirically that monetary shocks are unimportant. I provide evidence that is contrary to this empirical finding. Using over 100 years of data, I estimate the contribution of various shocks to explaining variation in the real pound-dollar exchange rate. Monetary shocks ...
متن کاملMonetary Policy and the Predictability of Nominal Exchange Rates
This paper studies how the monetary policy regime affects the relative importance of nominal exchange rates and inflation rates in shaping the response of real exchange rates to shocks. We document two facts about countries with floating exchange rates where monetary policy controls inflation using a short-term interest rate. First, the current real exchange rate predicts future changes in the ...
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Firms with higher debt relative to its size and negative cash °ows have lower value in the market. Why not the same applies to a currency value of a country? This paper investigates this question and shows empirical evidence that indeed a lower degree of government's ̄scal solvency, represented by higher debt and lower surpluses, implies an real exchange rate depreciation. Empirical results als...
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چکیده ندارد.
15 صفحه اولMonetary policy rules in practice: Evidence from New Zealand
Ten years of inflation targeting in New Zealand is used to test whether monetary policy conforms to the simple rules that have been recommended in the literature. While a Taylor rule with the standard parameters used in the US describes New Zealand monetary policy quite well, the Reserve Bank has focused more strongly on price stability, as required by its Policy Targets Agreements. Monetary po...
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ژورنال
عنوان ژورنال: New Zealand Economic Papers
سال: 2003
ISSN: 0077-9954,1943-4863
DOI: 10.1080/00779950309544383