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The Oil-Price Effect On The Dollar/Pound Rate Of Exchange

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Author Info
Mona R. El Shazly
Abstract

In this paper the basic monetary model of exchange rate determination is extended to capture the impact of real shocks in explaining exchange rate behavior. The model is tested using the dollar/pound rate of exchange over the period 1978--1985. The present work modifies the standard model by incorporating the relative price of oil on the demand for money. Results of the test confirm the statistical significance of the variables specified by the model in determining the value of the pound sterling during this time period. [431]

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Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 3 (1989)
Issue (Month): 3 (October)
Pages: 73-83
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Handle: RePEc:taf:intecj:v:3:y:1989:i:3:p:73-83

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Frankel, Jeffrey A, 1979. "On the Mark: A Theory of Floating Exchange Rates Based on Real Interest Differentials," American Economic Review, American Economic Association, vol. 69(4), pages 610-22, September. [Downloadable!] (restricted)
  2. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December. [Downloadable!] (restricted)
  3. Meese, Richard A. & Rogoff, Kenneth, 1983. "Empirical exchange rate models of the seventies : Do they fit out of sample?," Journal of International Economics, Elsevier, vol. 14(1-2), pages 3-24, February. [Downloadable!] (restricted)
  4. Mark Rush & Steven Husted, 1985. "Purchasing Power Parity in the Long Run," Canadian Journal of Economics, Canadian Economics Association, vol. 18(1), pages 137-45, February. [Downloadable!] (restricted)
  5. Frenkel, Jacob A, 1976. " A Monetary Approach to the Exchange Rate: Doctrinal Aspects and Empirical Evidence," Scandinavian Journal of Economics, Blackwell Publishing, vol. 78(2), pages 200-224.
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