AN EMPIRICAL OPEN-ECONOMY MACRO MODEL WITH CREDIT

被引：4

作者：

FACKLER, JS ^{[1
]}

ROGERS, JH ^{[1
]}

机构：

[1] PENN STATE UNIV, UNIV PK, PA 16802 USA

来源：

JOURNAL OF MACROECONOMICS | 1993年 / 15卷 / 02期

关键词：

D O I：

10.1016/0164-0704(93)90025-H

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We estimate a model of the credit view of the transmission mechanism, in which the effect of movements in the exchange rate are explicit. We find, first, that changes in credit are at least as important as any other variable in explaining movements in output, prices and interest rates. This reconfirms what others have found concerning the importance of credit in the transmission mechanism. Second, and more novel, we find significant effects from changes in exchange rates on credit. The results imply that the recent emphasis placed by the Federal Reserve on monitoring exchange rates has been wise.

引用

页码：203 / 224

页数：22

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