| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1195 |
| 来源ID | Working Paper 1195 |
| Activist Monetary Policy and Exchange Rate Overshooting: The Deutsche Mark\/Dollar Rate | |
| David H. Papell | |
| 发表日期 | 1983-08-01 |
| 出版年 | 1983 |
| 语种 | 英语 |
| 摘要 | After a decade of generalized floating, it is clear that bilateral exchange rates exhibit more variability than the economic aggregates; relative prices, incomes, and money supplies, that generally comprise the fundamentals of theories of exchange rate determination. Dornbush's over-shooting hypothesis is the best known explanation of this phenomenon. This paper shows that accommodative monetary policy (with respect to prices) has the potential to cause the economy to switch from exchange rate overshooting to undershooting. Using constrained maximum likelihood methods, the model is estimated for Germany and the United States. The results provide strong evidence in support of the overshooting hypothesis for the Deutsche Mark/Dollar exchange rate. |
| 主题 | International Economics |
| URL | https://www.nber.org/papers/w1195 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558419 |
| 推荐引用方式 GB/T 7714 | David H. Papell. Activist Monetary Policy and Exchange Rate Overshooting: The Deutsche Mark\/Dollar Rate. 1983. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1195.pdf（273KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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