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| Author: | Amano, R. A. Norden, S. van |
| Title: | Oil prices and the rise and fall of the US real exchange rate. |
| Journal: | Journal of International Money and Finance
1998 : APR, VOL. 17:2, p. 299-316 |
| Index terms: | EXCHANGE RATES OIL PRICES ENERGY POLICY USA |
| Language: | eng |
| Abstract: | The authors note that the questions of the relative importance of real vs. monetary shocks in explaining exchange rate movements still have no widely accepted answer, despite their importance both for research agenda and for policy questions. They examine this issue using a variety of empirical techniques for the US effective exchange rate. They find that a stable link exists between oil price shocks and the US real effective exchange rate over the post-Breton Woods period. The results show that oil prices may have been the dominant source of persistent real exchange rate shocks and the energy prices may have important implications for future work on exchange rate behavior. |
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