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Effective Exchange Rates and Monetary Policy: The Thai Experience

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Author Info

  • Piti Disyatat

    (Bank of Thailand)

  • Runchana Pongsaparn

    (Bank of Thailand)

  • Atchana Waiquamdee

    (Bank of Thailand)

Abstract

This paper aims to outline the role that effective exchange rates, both real and nominal, play in Thailand’s monetary policy framework. It discusses some of the applications that effective exchange rates have been applied to in practice, highlighting some of the limitations that often arise. Finally, the paper touches on many of the key issues that have to be considered in determining how exchange rate developments should be taken into account in formulating the appropriate stance of monetary policy. In this regard, some evidence on the importance of exchange rate fluctuations for macroeconomic variables and its role in the monetary transmission mechanism in Thailand are presented.

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File URL: http://www.bot.or.th/Thai/EconomicConditions/Publication/DiscusPaper/doclip_discussion/dp042005runchana_thai.pdf
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Bibliographic Info

Paper provided by Economic Research Department, Bank of Thailand in its series Working Papers with number 2005-07.

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Length: 18 pages
Date of creation: May 2005
Date of revision:
Handle: RePEc:bth:wpaper:2005-07

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  1. Michael P. Leahy, 1998. "New summary measures of the foreign exchange value of the dollar," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 811-818.
  2. Piti Disyatat & Gabriele Galati, 2005. "The effectiveness of foreign exchange intervention in emerging market countries," BIS Papers chapters, in: Bank for International Settlements (ed.), Foreign exchange market intervention in emerging markets: motives, techniques and implications, volume 24, pages 97-113 Bank for International Settlements.
  3. G. C. Lim, 2000. "Misalignment and Managed Exchange Rates - An Application to the Thai Baht," IMF Working Papers 00/63, International Monetary Fund.
  4. Piti Disyatat & Pinnarat Wongsinsirikul, 2002. "Monetary Policy and the Transmission Mechanism in Thailand," Working Papers 2002-01, Economic Research Department, Bank of Thailand.
  5. Rebecca L Driver & Peter F Westaway, 2005. "Concepts of equilibrium exchange rates," Bank of England working papers 248, Bank of England.
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