| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11771 |
| 来源ID | Working Paper 11771 |
| Interest Rates, Exchange Rates and International Adjustment | |
| Michael P. Dooley; David Folkerts-Landau; Peter M. Garber | |
| 发表日期 | 2005-11-14 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | In this paper we examine the behavior of interest rates and exchange rates following a variety of shocks to the international monetary system. Our analysis suggests that real interest rates in the US and Europe will remain low relative to historical experience for an extended period but converge slowly toward normal levels. During this adjustment interval, the US absorbs a disproportionate share of world savings. After a substantial initial appreciation of floating currencies relative to the dollar, the dollar and other floating currencies remain constant relative to each other. An improvement in the investment climate in Europe during the adjustment period would generate an immediate depreciation of the euro relative to the dollar. In real terms, the dollar and the floating currencies will eventually have to depreciate relative to the managed currencies. But most of the adjustment in the US trade account will come as US absorption responds to increases in real interest rates. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w11771 |
| 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/569422 |
| 推荐引用方式 GB/T 7714 | Michael P. Dooley,David Folkerts-Landau,Peter M. Garber. Interest Rates, Exchange Rates and International Adjustment. 2005. |
| 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 | ||
| w11771.pdf（150KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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