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🔗 Source: columbia.edu
📊 Size: 1.41 MB
👤 Author: Stephanie Schmitt-Grohé
⬇️ Downloads: 172

Summary

It finds that a permanent increase in the nominal interest rate causes a depreciation of the nominal and real exchange rates and a deviation from uncovered interest rate parity against the tightening country, which is opposite to the effects of transitory increases in the nominal interest rate. The paper estimates an empirical model using Bayesian methods on post-Bretton-Woods data from the US, UK, Japan, and Canada, and finds that permanent monetary shocks cause a nominal and real depreciation of the US dollar in the short run, while transitory increases in the interest rate cause appreciation. The results suggest that distinguishing between permanent and transitory monetary shocks is key to predicting exchange rate movements and that permanent shocks have important consequences for the dynamics of uncovered interest rate differentials.

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Description

It finds that a permanent increase in the nominal interest rate causes a depreciation of the nominal and real exchange rates and a deviation from uncovered...

Technical Information

  • File Format: PDF
  • File Size: 1.41 MB
  • Pages: 21
  • Language: EN
  • Author: Stephanie Schmitt-Grohé
  • Total Downloads: 172
  • Last Updated: 8 hours ago

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