Short-Run Exchange-Rate Dynamics: Theory and Evidence
نویسندگان
چکیده
منابع مشابه
Short-run Exchange-rate Dynamics: Theory and Evidence
Recent research has revealed a wealth of information about the microeconomics of currency markets and thus the determination of exchange rates at short horizons. This information should help in designing exchange-rate models. This paper analyzes an existing model that was previously demonstrated to be consistent with most of the major puzzles that have emerged under floating rates. It shows tha...
متن کاملCREATES Research Paper 2008-1 Short-run Exchange-Rate Dynamics: Theory and Evidence
Recent research has revealed a wealth of information about the microeconomics of currency markets and thus the determination of exchange rates at short horizons. This information is valuable to us as scientists since, like evidence of macroeconomic regularities, it can provide critical guidance for designing exchange-rate models. This paper presents an optimizing model of short-run exchange-rat...
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The short-run dynamics of German mark and US dollar real exchange rates are investigated for a panel of 19 OECD economies in a vector error correction framework for the 1973^96 period. The novel persistence pro¢les approach of Pesaran and Shin (`Cointegration and Speed of Convergence to Equilibrium', Journal of Econometrics, Vol. 71, (1996), pp. 117^143) indicates that the e¡ect of system-wide ...
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Real exchange rate misalignment means that the real exchange rate deviates from its equilibrium level and is the cause of many domestic and global economic problems. This index is considered as an important indicator in foreign competition and in case of adopting an inappropriate exchange rate regime; it may create economic instability and affect economic performance. This issue is important in...
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Abstract T he financial crisis in 2007-2008 has turned into the most far-reaching international financial and economic crisis since the Great Depression. Indeed, the crisis-affected Asian countries experienced varying degrees of changes in the exchange rate and prices following an initial shock of sharp depreciation of their currencies in the second half of 1997. Moreover,...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2005
ISSN: 1556-5068
DOI: 10.2139/ssrn.677085