Monetary disequilibria and the euro/dollar exchange rate
AbstractAlthough stable money demand functions are crucial for the monetary model of the exchange rate, empirical research on exchange rates and money demand is more or less disconnected. This paper tries to fill the gap for the euro/dollar exchange rate. We investigate whether monetary disequilibria provided by the empirical literature on US and European money demand functions contain useful information about exchange rate movements. Our results suggest that the empirical performance of the monetary exchange rate model improves when insights from the money demand literature are explicitly taken into account.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal The European Journal of Finance.
Volume (Year): 14 (2008)
Issue (Month): 8 ()
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Other versions of this item:
- Nautz, Dieter & Ruth, Karsten, 2005. "Monetary disequilibria and the Euro/Dollar exchange rate," Discussion Paper Series 1: Economic Studies 2005,18, Deutsche Bundesbank, Research Centre.
- F31 - International Economics - - International Finance - - - Foreign Exchange
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
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