| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP166 |
| DP166 'Locomotive' and Other Channels of Transmission under Flexible Exchange Rates | |
| Jorge Braga de Macedo | |
| 发表日期 | 1987-03-01 |
| 出版年 | 1987 |
| 语种 | 英语 |
| 摘要 | This paper presents a simple model of the effects of exchange rate flexibility on the transmission of income shocks. The starting point is the traditional channel through exports and imports known as the "locomotive". The intertemporal exchange rate model presented here also allows for the effect of future internal and external shocks on home income. Furthermore, it is shown that exchange rate movements work in the opposite direction to the locomotive effect, so that a foreign boom also causes contemporaneous recessionary pressures in the home economy. The model is simulated in order to assess the relative magnitude of these transmission channels. While the adjusted locomotive channel remains important, the others cannot be neglected, especially if the home country has a negative foreign asset position. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rates Exports Imports Income shocks Intertemporal model Locomotive Transmission channels |
| URL | https://cepr.org/publications/dp166 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529322 |
| 推荐引用方式 GB/T 7714 | Jorge Braga de Macedo. DP166 'Locomotive' and Other Channels of Transmission under Flexible Exchange Rates. 1987. |
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