| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1244 |
| 来源ID | Working Paper 1244 |
| Activist Monetary Policy, Imperfect Capital Mobility, and the Overshooting Hypothesis | |
| David H. Papell | |
| 发表日期 | 1983-12-01 |
| 出版年 | 1983 |
| 语种 | 英语 |
| 摘要 | The hypothesis of exchange rate over shooting is investigated in the context of a model that incorporates activist monetary policy, variable output, imperfect capital mobility, and slow price adjustment. Monetary policy which accommodates prices and/or interest rates is shown to increase the likelihood of undershooting. Using constrained maximum likelihood methods,the model is estimated for Germany and Japan since the advent of generalized floating in 1973. Based on the estimated parameter values, the mark exhibits overshooting while the yen is characterized by undershooting. The constraints implied by the model cannot (by likelihood ratio tests) be rejected at standard significance levels for either country. |
| 主题 | International Economics |
| URL | https://www.nber.org/papers/w1244 |
| 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/558470 |
| 推荐引用方式 GB/T 7714 | David H. Papell. Activist Monetary Policy, Imperfect Capital Mobility, and the Overshooting Hypothesis. 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 | ||
| w1244.pdf（441KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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