| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15468 |
| DP15468 On the Weakness of the Swedish Krona | |
| Philippe Bacchetta; Pauline Chikhani | |
| 发表日期 | 2020-11-19 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The Swedish krona depreciated sharply between 2013 and early 2020 but standard models are unable to explain this depreciation. This paper reviews the experience of the krona. By estimating an "equilibrium" value for the real exchange rate, we confirm a growing undervaluation after 2014. The depreciation could initially be explained by a decline in interest rates and then by quantitative easing and the Riksbank communication regarding the krona. However, monetary policy cannot explain the extent of the depreciation nor the long depreciation period of seven years. We then review various complementary explanations proposed in the literature including, imperfect information, financial frictions, the role of financial shocks and the convenience yield. Many of these elements can plausibly explain the weakness of the krona, but cannot be quantified. |
| 主题 | International Macroeconomics and Finance |
| URL | https://cepr.org/publications/dp15468 |
| 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/544465 |
| 推荐引用方式 GB/T 7714 | Philippe Bacchetta,Pauline Chikhani. DP15468 On the Weakness of the Swedish Krona. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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