| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2393 |
| DP2393 Monetary Policies In The Presence Of Asymmetries | |
| Paul De Grauwe | |
| 发表日期 | 2000-02-29 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper relates the volatility of the (trade-weighted) effective real exchange rate to the degree of trade openness of an economy. The theoretical part presents an intertemporal monetary model with nominal labour (factor) market rigidities. Both monetary and aggregate supply shocks are shown to imply a (non-linear) inverse relationship between the import share of an economy and the volatility of its real exchange rate. Empirical evidence on a cross-section of 54 countries confirms this relationship: Difference in trade openness explain a large part of the cross-country variation in the volatility of the effective real exchange rate. |
| 主题 | International Macroeconomics |
| 关键词 | Nontradeables Real effective exchange rates Volatility |
| URL | https://cepr.org/publications/dp2393 |
| 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/531477 |
| 推荐引用方式 GB/T 7714 | Paul De Grauwe. DP2393 Monetary Policies In The Presence Of Asymmetries. 2000. |
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