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Real exchange rate effects of monetary disturbances under different degrees of exchange rate flexibility: an empirical analysis

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  • Reuven Glick
  • Peter Kretzmer
  • Clas Wihlborg

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  • Reuven Glick & Peter Kretzmer & Clas Wihlborg, 1990. "Real exchange rate effects of monetary disturbances under different degrees of exchange rate flexibility: an empirical analysis," Working Papers in Applied Economic Theory 90-03, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfap:90-03
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    1. Sebastian Edwards, 1983. "The Short-Run Relation Between Inflation and Growth in Latin America," NBER Working Papers 1065, National Bureau of Economic Research, Inc.
    2. Sebastian Edwards, 1981. "The Demand for International Reserves and Exchange Rate Adjustments: The Case of LDC's, 1964-1972," UCLA Economics Working Papers 229, UCLA Department of Economics.
    3. Edwards, Sebastian, 1983. "The Short-Run Relation between Growth and Inflation in Latin America: Comment," American Economic Review, American Economic Association, vol. 73(3), pages 477-482, June.
    4. Barro, Robert J, 1978. "Unanticipated Money, Output, and the Price Level in the United States," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 549-580, August.
    5. Kretzmer, Peter E., 1989. "The cross-industry effects of unanticipated money in an equilibrium business cycle model," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 275-296, March.
    6. Kimbrough, Kent P, 1984. "Aggregate Information and the Role of Monetary Policy in an Open Economy," Journal of Political Economy, University of Chicago Press, vol. 92(2), pages 268-285, April.
    7. Pagan, Adrian, 1984. "Econometric Issues in the Analysis of Regressions with Generated Regressors," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(1), pages 221-247, February.
    8. Fry, Maxwell J & Lilien, David M, 1986. "Monetary Policy Responses to Exogenous Shocks," American Economic Review, American Economic Association, vol. 76(2), pages 79-83, May.
    9. Mishkin, Frederic S, 1982. "Does Anticipated Monetary Policy Matter? An Econometric Investigation," Journal of Political Economy, University of Chicago Press, vol. 90(1), pages 22-51, February.
    10. Peter J. Montiel & Iqbal Zaidi, 1987. "Cross-Regime Tests of the Lucas Supply Function in Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 34(4), pages 760-769, December.
    11. John F. O. Bilson & Jacob A. Frenkel, 1979. "Dynamic Adjustment and the Demand for International Reserves," NBER Working Papers 0407, National Bureau of Economic Research, Inc.
    12. Weiss, Laurence M, 1980. "The Role for Active Monetary Policy in a Rational Expectations Model," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 221-233, April.
    13. Barro, Robert J., 1976. "Rational expectations and the role of monetary policy," Journal of Monetary Economics, Elsevier, vol. 2(1), pages 1-32, January.
    14. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    15. Laurence Weiss, 1982. "Information Aggregation and Policy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(1), pages 31-42.
    16. Kormendi, Roger C & Meguire, Philip G, 1984. "Cross-Regime Evidence of Macroeconomic Rationality," Journal of Political Economy, University of Chicago Press, vol. 92(5), pages 875-908, October.
    17. Glick, Reuven & Wihlborg, Clas, 1990. "Real exchange rate effects of monetary shocks under fixed and flexible exchange rates," Journal of International Economics, Elsevier, vol. 28(3-4), pages 267-290, May.
    18. Kimbrough, Kent P., 1983. "The information content of the exchange rate and the stability of real output under alternative exchange-rate regimes," Journal of International Money and Finance, Elsevier, vol. 2(1), pages 27-38, April.
    19. von Hagen, Juergen, 1990. "Policy effectiveness in an open multi-market economy with risk neutral exchange rate speculation," Journal of International Money and Finance, Elsevier, vol. 9(2), pages 110-122, June.
    20. King, Robert G, 1982. "Monetary Policy and the Information Content of Prices," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 247-279, April.
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    Citations

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    Cited by:

    1. Holman, Jill A. & Rioja, Felix K., 2001. "International transmission of anticipated inflation under alternative exchange-rate regimes," Journal of International Money and Finance, Elsevier, vol. 20(4), pages 497-519, August.
    2. Bayoumi, Tamim & Eichengreen, Barry, 1998. "Exchange rate volatility and intervention: implications of the theory of optimum currency areas," Journal of International Economics, Elsevier, vol. 45(2), pages 191-209, August.
    3. Victor Pontines & Reza Siregar, 2006. "Exchange Market Intervention and Evidence of Post-Crisis Flexible Exchange Rate Regimes in Selected East Asian Economies," Centre for International Economic Studies Working Papers 2006-01, University of Adelaide, Centre for International Economic Studies.
    4. Cardarelli, Roberto & Elekdag, Selim & Kose, M. Ayhan, 2010. "Capital inflows: Macroeconomic implications and policy responses," Economic Systems, Elsevier, vol. 34(4), pages 333-356, December.
    5. Ibrahimi, Fatemeh & Oxelheim, Lars & Wihlborg, Clas, 1989. "International Stock Markets and Fluctuations in Exchange Rates and Other Macroeconomic Variables," Working Paper Series 244, Research Institute of Industrial Economics.
    6. Pontines, Victor & Siregar, Reza, 2009. "Intervention index and exchange rate regimes: the cases of selected East-Asian economies," MPRA Paper 17138, University Library of Munich, Germany.

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    Keywords

    Foreign exchange; Monetary policy;

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