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Books > Business & Economics > Economics > Econometrics
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Interest Rates, Exchange Rates and World Monetary Policy (Paperback, 2010 ed.)
Loot Price: R4,263
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Interest Rates, Exchange Rates and World Monetary Policy (Paperback, 2010 ed.)
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A careful basic theoretical and econometric analysis of the factors
determining the real exchange rates of Canada, the U.K., Japan,
France and Germany with respect to the United States is conducted.
The resulting conclusion is that real exchange rates are almost
entirely determined by real factors relating to growth and
technology such as oil and commodity prices, international
allocations of world investment across countries, and underlying
terms of trade changes. Unanticipated money supply shocks,
calculated in five alternative ways have virtually no effects. A
Blanchard-Quah VAR analysis also indicates that the effects of real
shocks predominate over monetary shocks by a wide margin. The
implications of these facts for the conduct of monetary policy in
countries outside the U.S. are then explored leading to the
conclusion that all countries, to avoid exchange rate overshooting,
have tended to automatically follow the same monetary policy as the
United States. The history of world monetary policy is reviewed
along with the determination of real exchange rates within the Euro
Area.
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