The Impact Of Monetary Policyon The Exchange Rate
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The Impact Of Monetary Policy On The Exchange Rate
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Author : Jeromin Zettelmeyer
language : en
Publisher: [Washington, D.C.] : International Monetary Fund, Research Department
Release Date : 2000
The Impact Of Monetary Policy On The Exchange Rate written by Jeromin Zettelmeyer and has been published by [Washington, D.C.] : International Monetary Fund, Research Department this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Foreign exchange rates categories.
The Impact Of Monetary Policyon The Exchange Rate
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Author : Mr.Jeronimo Zettelmeyer
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2000-08-01
The Impact Of Monetary Policyon The Exchange Rate written by Mr.Jeronimo Zettelmeyer and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-08-01 with Business & Economics categories.
This paper studies the impact effect of monetary policy shocks—identified by the reaction of three month market interest rates to policy announcements—on the exchange rate in Australia, Canada, and New Zealand during the 1990s. The main results are that (1) on average, a 100 basis point contractionary shock will appreciate the exchange rate by 2-3 percent on impact; (ii) seemingly “perverse” reactions of the exchange rate to monetary policy are mainly attributable to reverse causality; (iii) in a few instances, there were true “perverse” reactions of exchange rates to policy— generally, appreciations following expansionary shocks.
The Impact Of Monetary Policy On Exchange Rates During Financial Crises
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Author : David Gould
language : en
Publisher:
Release Date : 2000
The Impact Of Monetary Policy On Exchange Rates During Financial Crises written by David Gould and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Monetary policy categories.
This paper addresses the impact of monetary policy on exchange rates during financial crises. Some observers have argued that a tightening of monetary policy is necessary to stabilize the exchange rate, restore confidence, and lay the groundwork for an eventual recovery of economic activity. Others have argued that by raising interest rates (which reduces the ability of borrowers to repay loans and thereby weakens the banking system), tightening may further reduce investor confidence and lead to further weakening--not strengthening--of domestic currencies. This debate, which became highly charged during the Asian financial crisis, remains unresolved. A key reason is that, because of the endogeneity of interest rates with respect to exchange rates and investor expectations, it is difficult to use statistical analysis to identify the impact of monetary policy on the exchange rate. In our research, we use measures of international credit spreads and of domestic stock prices as proxies for investor concerns about creditworthiness and country risk in order to better identify the impact of monetary policies on the exchange rate. Using weekly data from Indonesia, Korea, Malaysia, the Philippines, Thailand, and Mexico, we find that credit spreads and stock prices exert significant impacts on exchange rates during financial crises, but interest rates still are not estimated to have significant effects. We conclude that while monetary policy probably does exert an important influence over exchange rates, this most likely takes place slowly, as central banks attempt to establish credibility, and over longer periods of time than can be captured in our analysis.
The Effects Of The Fiscal And Monetary Policy On The Exchange Rate
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Author : Alexander Bremann
language : en
Publisher: GRIN Verlag
Release Date : 2018-06-25
The Effects Of The Fiscal And Monetary Policy On The Exchange Rate written by Alexander Bremann and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-25 with Business & Economics categories.
Seminar paper from the year 2016 in the subject Economics - Macro-economics, general, grade: 2,3, University of applied sciences, Munich, language: English, abstract: The value of a nation’s currency and its exchange rate is a key indicator for the performance of an economy’s import and export. This assignment evaluates the different impacts of macroeconomic policies on the exchange rate, the following research also draws attention to the fact that economists have had mixed findings of the effects of macroeconomic policies on the exchange rate. The use of secondary research and the AA-DD model will further enhance the various factors that are responsible to appreciate or depreciate a currency. The results of this assignment show that; fixed and floating exchange rates, as well as the MPC score, have significant impacts on the efficiency of macroeconomic policies altering the exchange rate. Macroeconomic policies trigger disposable income, prices and interest rates within an economy, which consequently affects the foreign exchange market leading to a change in the exchange rate. Especially in the field of a floating exchange rate economy, the impacts of fiscal but also monetary policies can be shown, fixed exchange rates disable economies to use monetary policies due to the fact that these will with high certainty have an impact on the exchange rate.
The Impact Of Monetary Policy On The Exchange Rate
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Author : Emanuel Kohlscheen
language : en
Publisher:
Release Date : 2014
The Impact Of Monetary Policy On The Exchange Rate written by Emanuel Kohlscheen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This study investigates the impact effect of monetary policy shocks on the exchange rates of Brazil, Mexico and Chile. We find that even a focus on 1 day exchange rate changes following policy events -- which reduces the potential for reverse causality considerably -- fails to lend support for the conventional view that associates unexpected interest rate hikes with appreciations. This lack of empirical backing for the predictions of standard open economy models persists irrespective of whether we use the US Dollar or effective exchange rates, whether interest rate changes are anticipated or not, whether changes in the policy rate that were followed by exchange rate intervention are excluded or whether "contaminated" events are dropped from the analysis. We argue that it is difficult to attribute this stronger version of the exchange rate puzzle to fiscal dominance, as unexpected rate increases are not associated with increases in risk premia, and similar results are obtained in the case of Chile -- a country that has had the highest possible short-term credit rating since 1997 and a debt/GDP ratio below 10%. The weakness of the interest -- exchange rate link has important implications for optimal monetary policy in emerging economies.
The Impact Of Monetary Policyon The Bilateral Exchange Rate
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Author : Mr.Jeronimo Zettelmeyer
language : en
Publisher: International Monetary Fund
Release Date : 2003-04-01
The Impact Of Monetary Policyon The Bilateral Exchange Rate written by Mr.Jeronimo Zettelmeyer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-04-01 with Business & Economics categories.
This paper examines the reaction of the bilateral Ch$/US$ exchange rate to monetary policy actions in Chile and the United States. The approach is to regress the change in the exchange rate following a policy announcement on changes in market interest rates in response to the same announcement. U.S. monetary policy actions that raise the three-month treasury bill rate by 1 percentage point lead to depreciations of the Chilean peso by about 1.5 to 2 percent. The exchange rate also reacts to monetary policy actions in Chile, but the response appears to be smaller, and cannot be estimated with much precision on the available sample.
Some Implications For Monetary Policy Of Uncertain Exchange Rate Pass Through
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Author : Mr.Benjamin Hunt
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-04
Some Implications For Monetary Policy Of Uncertain Exchange Rate Pass Through written by Mr.Benjamin Hunt and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-04 with Business & Economics categories.
The paper uses MULTIMOD to examine the implications of uncertain exchange rate pass-through for the conduct of monetary policy. From the policymaker's perspective, uncertainty about exchange rate pass-through implies uncertainty about policy multipliers and the impact of state variables on stabilization objectives. When faced with uncertainty about the strength of exchange rate pass-through, policymakers will make less costly errors by overestimating the strength of pass-through rather than underestimating it. The analysis suggests that pass-through uncertainty of the magnitude considered does not result in efficient policy response coefficients that are smaller than those under certainty.
Monetary Policy Capital Flows And Exchange Rates
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Author : William Allen
language : en
Publisher: Routledge
Release Date : 2004-03-18
Monetary Policy Capital Flows And Exchange Rates written by William Allen and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-03-18 with Business & Economics categories.
Maxwell Fry was known internationally for his research into international and domestic financial issues. This book constitutes a tribute to his pioneering work in so many areas, and draws together contributions from a range of academic and policy-making colleagues who were fortunate enough to experience the depth of knowledge and insights which Maxwell demonstrated.
Current Issues In The Design And Conduct Of Monetary Policy
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Author : Mr.Mohsin S. Khan
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-01
Current Issues In The Design And Conduct Of Monetary Policy written by Mr.Mohsin S. Khan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-01 with Business & Economics categories.
Movements in global capital during the late 1990s and the greater emphasis on price stability led many countries to abandon fixed exchange rate regimes and to design institutions and monetary policies to achieve credibility in the goal of lowering inflation. Such recent developments have brought to the forefront the idea that freely mobile capital, independent monetary policy, and fixed exchange rates form an "impossible trinity." It is possible to have two of these policies, but not all three. Inflation-targeting regimes being adopted by many countries provide a way of resolving this dilemma.
Capital Controls Exchange Rates And Monetary Policy In The World Economy
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Author : Sebastian Edwards
language : en
Publisher: Cambridge University Press
Release Date : 1997-06-13
Capital Controls Exchange Rates And Monetary Policy In The World Economy written by Sebastian Edwards and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-06-13 with Business & Economics categories.
The essays collected in this volume discuss the impact of increased capital mobility on macroeconomic performance.