| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w24817
|
| 来源ID | Working Paper 24817
|
| Currency Wars? Unconventional Monetary Policy Does Not Stimulate Exports |
| Andrew K. Rose
|
| 发表日期 | 2018-07-16
|
| 出版年 | 2018
|
| 语种 | 英语
|
| 摘要 | I investigate whether countries that use unconventional monetary policy (UMP) experience export booms. I use a popular gravity model of trade which requires neither the exogeneity of UMP, nor instrumental variables for UMP. In practice, countries that engage in UMP experience a drop in exports vis-á-vis countries that are not engaged in such policies, holding other things constant. Quantitative easing is associated with exports that are about 10% lower to countries not engaged in UMP; this amount is significantly different from zero and similar to the effect of negative nominal interest rates. Thus, there is no evidence that countries have gained export markets through unconventional monetary policy; currency wars that have been launched have also been lost. UMP is also associated with a comparable drop in imports and exchange rates, suggesting that countries engage in UMP when they are experiencing adverse macroeconomic shocks concurrent with those that eviscerate international trade. |
| 主题 | Macroeconomics
; Monetary Policy
; International Economics
; Trade
|
| URL | https://www.nber.org/papers/w24817
|
| 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/582491
|
推荐引用方式
GB/T 7714 |
Andrew K. Rose. Currency Wars? Unconventional Monetary Policy Does Not Stimulate Exports. 2018.
|
|
文件名：
|
w24817.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
