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来源类型Working Paper
规范类型报告
DOI10.3386/w1195
来源IDWorking 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
URLhttps://www.nber.org/papers/w1195
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/558419
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GB/T 7714
David H. Papell. Activist Monetary Policy and Exchange Rate Overshooting: The Deutsche Mark\/Dollar Rate. 1983.
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