Monetary policy, foreign exchange policy, and delayed overshooting

被引：31

作者：

Kim, S ^{[1
]}

机构：

[1] Korea Univ, Dept Econ, Seoul, South Korea

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2005年 / 37卷 / 04期

关键词：

foreign exchange intervention; monetary policy; structural VAR; exchange rate; delayed overshooting;

D O I：

10.1353/mcb.2005.0045

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper provides an explanation for "delayed overshooting" puzzle based on foreign exchange policy's reaction to monetary policy, for Canada in which ample interactions between monetary and foreign exchange policies are found. Foreign exchange policy reaction mitigates the initial effects of monetary policy shocks on the exchange rate. As the effects of the monetary policy shocks are more prolonged than that of the foreign exchange policy reaction, the maximum effect is found in delay.

引用

页码：775 / 782

页数：8

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