| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11748 |
| DP11748 Currency Wars? Unconventional Monetary Policy Does Not Stimulate Exports | |
| Andrew Rose | |
| 发表日期 | 2017-01-05 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | I investigate whether countries that use unconventional monetary policy (UMP) experience export booms. I use a popular gravity model of trade which requires neither the exogeneity of UMP, nor instrumental variables for UMP. In practice, countries that engage in UMP experience a drop in exports vis-à-vis countries that are not engaged in such policies, holding other things constant. Quantitative easing is associated with exports that are about 10% lower to countries not engaged in UMP; this amount is significantly different from zero and similar to the effect of negative nominal interest rates. Thus there is no evidence that countries have gained export markets through unconventional monetary policy; any currency wars launched have been lost. |
| 主题 | International Macroeconomics and Finance ; International Trade and Regional Economics |
| 关键词 | Quantitative Easing Negative Nominal Interest Trade Gravity Bilateral Data Empirical |
| URL | https://cepr.org/publications/dp11748 |
| 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/540562 |
| 推荐引用方式 GB/T 7714 | Andrew Rose. DP11748 Currency Wars? Unconventional Monetary Policy Does Not Stimulate Exports. 2017. |
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