G2TT
来源类型Discussion paper
规范类型论文
来源IDDP166
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
URLhttps://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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