| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11204 |
| DP11204 Monetary Policy and the Current Account: Theory and Evidence | |
| Tomasz Wieladek; Ida Hjortsoe; Martin Weale | |
| 发表日期 | 2016-03-31 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Does the current account improve or deteriorate following a monetary policy expansion? We examine this issue theoretically and empirically. We show that a standard open economy DSGE model predicts that the current account response to a monetary policy shock depends on the degree of economic regulation in different markets. In particular, financial (product market) liberalisation makes it more likely that the current account deteriorates (improves) following a monetary expansion. We test these theoretical predictions with a varying coefficient Bayesian panel VAR model, where the coefficients are allowed to vary as a function of the degree of financial, product and labour market regulation on data from 1976Q1-2006Q4 for 19 OECD countries. Our empirical results support the theory. We therefore conclude that following a monetary policy expansion, the current account is more likely to go into deficit (surplus) in countries with more liberalised financial (product) markets. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | E52 Balance of payments Bayesian panel var Economic liberalisation Monetary policy. jel classification: f32 Current account |
| URL | https://cepr.org/publications/dp11204 |
| 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/540021 |
| 推荐引用方式 GB/T 7714 | Tomasz Wieladek,Ida Hjortsoe,Martin Weale. DP11204 Monetary Policy and the Current Account: Theory and Evidence. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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