G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15242
DP15242 International Evidence on Shock-Dependent Exchange Rate Pass-Through
Kristin Forbes; Ida Hjortsoe; Tsvetelina Nenova
发表日期2020-09-01
出版年2020
语种英语
摘要We analyse the economic conditions (the “shocks”) behind currency movements and show how that analysis can help address a range of questions, focusing on exchange rate pass-through to prices. We build on a methodology previously developed for the United Kingdom and adapt this framework so that it can be applied to a diverse sample of countries using widely available data. The paper provides three examples of how this enriched methodology can be used to provide insights on pass-through and other questions. First, it shows that exchange rate movements caused by monetary policy shocks consistently correspond to significantly higher pass-through than those caused by demand shocks in a cross-section of countries, confirming earlier results for the UK. Second, it shows that the underlying shocks (especially monetary policy shocks) are particularly important for understanding the time-series dimension of pass-through, while the standard structural variables highlighted in previous literature are most important for the cross-section dimension. Finally, the paper explores how the methodology can be used to shed light on the effects of monetary policy and the debate on "currency wars": it shows that the role of monetary policy shocks in driving the exchange rate has increased moderately since the global financial crisis in advanced economies.
主题International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词Pass-through exchange rate Price level inflation monetary policy Currency wars
URLhttps://cepr.org/publications/dp15242
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/544217
推荐引用方式
GB/T 7714
Kristin Forbes,Ida Hjortsoe,Tsvetelina Nenova. DP15242 International Evidence on Shock-Dependent Exchange Rate Pass-Through. 2020.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Kristin Forbes]的文章
[Ida Hjortsoe]的文章
[Tsvetelina Nenova]的文章
百度学术
百度学术中相似的文章
[Kristin Forbes]的文章
[Ida Hjortsoe]的文章
[Tsvetelina Nenova]的文章
必应学术
必应学术中相似的文章
[Kristin Forbes]的文章
[Ida Hjortsoe]的文章
[Tsvetelina Nenova]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。