haku: @author Koray, F. / yhteensä: 1
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| Tekijä: | Koray, F. McMillin, W. |
| Otsikko: | Monetary shocks, the exchange rate, and the trade balance |
| Lehti: | Journal of International Money and Finance
1999 : DEC, VOL. 18:6, p. 925-940 |
| Asiasana: | FINANCE TRADE EXCHANGE RATES |
| Kieli: | eng |
| Tiivistelmä: | This paper investigates the response of the exchange rate and the trade balance to monetary policy innovations for the US economy during the period 1973:01-1993:12. The empirical findings indicate that contractionary monetary policy shocks lead to transitory appreciations of the real and the nominal exchange rate. Exchange rate appreciations that are caused by a temporary conctractionary shock to monetary policy are correlated with a short-lived improvement in the trade balance which is then followed by a deterioration, giving support to the J-curve hypothesis. |
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