Transmitted unemployment under the linked exchange rate system: Evidence from Hong Kong
This paper explores a link between exchange rate and unemployment at the aggregate level. We find that 1% increase in the US unemployment rate transmits, on average, 0.53% increase in Hong Kong unemployment under the linked exchange rate system.
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- Kenneth Rogoff, 1996. "The Purchasing Power Parity Puzzle," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 647-668, June.
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