| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14889 |
| DP14889 Uncovered Interest Parity, Forward Guidance and the Exchange Rate | |
| Jordi Gali | |
| 发表日期 | 2020-06-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Under uncovered interest parity (UIP), the size of the effect on the real exchange rate of an anticipated change in real interest rate differentials is invariant to the horizon at which the change is expected. Empirical evidence using US, euro area and UK data points to a substantial deviation from that invariance prediction: expectations of interest rate differentials in the near (distant) future are shown to have much larger (smaller) effects on the real exchange rate than is implied by UIP. Some possible explanations are discussed. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Forward guidance puzzle Uncovered interest rate parity Unconventional monetary policies Open economy new keynesian model |
| URL | https://cepr.org/publications/dp14889 |
| 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/543828 |
| 推荐引用方式 GB/T 7714 | Jordi Gali. DP14889 Uncovered Interest Parity, Forward Guidance and the Exchange Rate. 2020. |
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