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| Author: | Rogers, J. |
| Title: | Monetary shocks and real exchange rates |
| Journal: | Journal of International Economics
1999 : DEC, VOL. 49:2, p. 269-288 |
| Index terms: | ECONOMICS EXCHANGE RATES MONEY |
| Language: | eng |
| Abstract: | Many explanations of real exchange rate movements focus on monetary shocks, but it is often found empirically that monetary shocks are unimportant. The author provides contrary evidence. Using over 100 years of data, the author estimates the contribution of various shocks to explaining variation in the real pound-dollar rate. Several VAR specifications provide a range for their contributions: from 19 to 60% for monetary shocks and 4 to 26% for fiscal and productivity shocks combined. |
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