| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2622 |
| DP2622 Endogenizing Know-How Flows Through the Nature of R&D Investments | |
| Reinhilde Veugelers; J David Pérez-Castrillo; Bruno Cassiman | |
| 发表日期 | 2000-11-28 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | The decline of the euro against the dollar during 1999-2000 was mostly unrelated to observable news about the underlying fundamentals. This corroborates a general finding from the empirical literature testing the traditional exchange rate models, i.e. that exchange rate movements are disconnected from the underlying fundamentals. We formulate an hypothesis allowing us to understand this phenomenon. The core of this hypothesis is that movements in the exchange rates ?anchor? agents? beliefs and lead them to search for fundamentals that will justify these beliefs. We also analyse the implications of this view for the transmission of monetary shocks. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Exchange rates Rational beliefs Anchoring |
| URL | https://cepr.org/publications/dp2622 |
| 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/531688 |
| 推荐引用方式 GB/T 7714 | Reinhilde Veugelers,J David Pérez-Castrillo,Bruno Cassiman. DP2622 Endogenizing Know-How Flows Through the Nature of R&D Investments. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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