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来源类型Working Paper
规范类型报告
DOI10.3386/w4183
来源IDWorking 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
URLhttps://www.nber.org/papers/w4183
来源智库National Bureau of Economic Research (United States)
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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.
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