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| Author: | Bonser-Neal, C. Roley, V. Sellon, G. |
| Title: | The effect of monetary policy actions on exchange rates under interest-rate targeting |
| Journal: | Journal of International Money and Finance
2000 : OCT, VOL. 19:5, p. 601-632 |
| Index terms: | EXCHANGE RATES INTEREST RATES MONETARY POLICY |
| Language: | eng |
| Abstract: | The authors specify a theoretical model of the exchange-rate response to U.S. monetary policy actions that is capable of explaining a wide range of recent empirical results. The authors show that the response pattern of spot and expected future exchange rates depends on the predictability of Federal Reserve actions, the persistence of shocks to the economy, and the reaction of foreign central banks to the US monetary policy shock. |
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