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The Macroeconomic Effects of Large Exchange Rate Appreciations

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  • Kappler, Marcus
  • Reisen, Helmut
  • Schularick, Moritz
  • Turkisch, Edouard

Abstract

In this paper we study the macroeconomic aftermath of large exchange rate appreciations. Using a sample of 128 countries over the period 1960–2008, we identify 25 episodes of large nominal and real appreciations shocks. We use narrative identification of exogenous appreciation episodes and study the macroeconomic effects in a dummy-augmented panel autoregressive model.

Suggested Citation

  • Kappler, Marcus & Reisen, Helmut & Schularick, Moritz & Turkisch, Edouard, 2013. "The Macroeconomic Effects of Large Exchange Rate Appreciations," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 24(3), pages 471-494.
    • Handle: RePEc:zbw:espost:122944
    DOI: 10.1007/s11079-012-9246-4
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    JEL classification:

    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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