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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w4183 |
来源ID | Working Paper 4183 |
Exchange Rates, Country Preferences, and Gold | |
Michael Dooley; Peter Isard; Mark Taylor | |
发表日期 | 1992-10-01 |
出版年 | 1992 |
语种 | 英语 |
摘要 | This paper provides indirect tests of the hypothesis that exchange rate movements may be largely coterminus with changes in preferences for holding claims on different countries. It is argued that changes in country preferences will be reflected systematically in the price of gold and, hence, that gold price movements, under the maintained hypothesis, should have explanatory power with respect to exchange rate movements over and above the effects of monetary shocks. The paper applies multivariate vector autoregression and cointegration modeling techniques to test for the short- and long-run influence of gold prices on exchange rates conditional on other monetary and real macroeconomic variables, and applies the resulting error correction exchange rate equation to out-of-sample forecasting exercises. |
主题 | International Economics ; International Finance |
URL | https://www.nber.org/papers/w4183 |
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/561538 |
推荐引用方式 GB/T 7714 | Michael Dooley,Peter Isard,Mark Taylor. Exchange Rates, Country Preferences, and Gold. 1992. |
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 | ||
w4183.pdf(352KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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