| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27746 |
| 来源ID | Working Paper 27746 |
| International Evidence on Shock-Dependent Exchange Rate Pass-Through | |
| Kristin Forbes; Ida Hjortsoe; Tsvetelina Nenova | |
| 发表日期 | 2020-08-31 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We analyse the economic conditions (the “shocks”) behind currency movements and show how that analysis can help address a range of questions, focusing on exchange rate pass-through to prices. We build on a methodology previously developed for the United Kingdom and adapt this framework so that it can be applied to a diverse sample of countries using widely available data. The paper provides three examples of how this enriched methodology can be used to provide insights on pass-through and other questions. First, it shows that exchange rate movements caused by monetary policy shocks consistently correspond to significantly higher pass-through than those caused by demand shocks in a cross-section of countries, confirming earlier results for the UK. Second, it shows that the underlying shocks (especially monetary policy shocks) are particularly important for understanding the time-series dimension of pass-through, while the standard structural variables highlighted in previous literature are most important for the cross-section dimension. Finally, the paper explores how the methodology can be used to shed light on the effects of monetary policy and the debate on "currency wars": it shows that the role of monetary policy shocks in driving the exchange rate has increased moderately since the global financial crisis in advanced economies. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w27746 |
| 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/585418 |
| 推荐引用方式 GB/T 7714 | Kristin Forbes,Ida Hjortsoe,Tsvetelina Nenova. International Evidence on Shock-Dependent Exchange Rate Pass-Through. 2020. |
| 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 | ||
| w27746.pdf（843KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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