The exchange rate and monetary conditions in the euro area

被引:7
|
作者
Mayes, DG [1 ]
Virén, M [1 ]
机构
[1] Bank Finland, Helsinki 00101, Finland
关键词
D O I
10.1007/BF02707686
中图分类号
F [经济];
学科分类号
02 ;
摘要
The Exchange Rate and Monetary Conditions in the Euro Area.- Using information from a variety of sources, this paper suggests that the exchange rate will play an important role in the transmission of the impact of monetary policy on the real economy and inflation in the euro area. As a first approximation it would be reasonable to assume that an increase in the real 90-day interest rate of 100 basis points would have the same effect on demand two years later as a 3.5 percent fall in the real euro exchange rate. This implies that the euro area will tend to behave like a large open economy rather than a closed economy and hence that it would be helpful in informing monetary policy to construct a Monetary Conditions Index (MCI). JEL no. E52, E58.
引用
下载
收藏
页码:199 / 231
页数:33
相关论文
共 50 条
  • [1] The exchange rate and monetary conditions in the Euro area
    David G. Mayes
    Matti Virén
    Review of World Economics, 2000, 136 : 199 - 231
  • [2] Monetary disequilibria and the euro/dollar exchange rate
    Nautz, Dieter
    Ruth, Karsten
    EUROPEAN JOURNAL OF FINANCE, 2008, 14 (08): : 701 - 716
  • [3] The dollar–euro exchange rate and monetary fundamentals
    Joscha Beckmann
    Dionysius Glycopantis
    Keith Pilbeam
    Empirical Economics, 2018, 54 : 1389 - 1410
  • [4] The dollar-euro exchange rate and monetary fundamentals
    Beckmann, Joscha
    Glycopantis, Dionysius
    Pilbeam, Keith
    EMPIRICAL ECONOMICS, 2018, 54 (04) : 1389 - 1410
  • [5] Shadow short rate and monetary policy in the Euro area
    Damjanovic, Milan
    Masten, Igor
    EMPIRICA, 2016, 43 (02) : 279 - 298
  • [6] Shadow short rate and monetary policy in the Euro area
    Milan Damjanović
    Igor Masten
    Empirica, 2016, 43 : 279 - 298
  • [7] The effect of fragmentation risk on monetary conditions in the euro area
    Arnold, Ivo J. M.
    JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2024, 146
  • [8] Real Exchange Rate Misalignments in the Euro Area
    Fidora, Michael
    Giordano, Claire
    Schmitz, Martin
    OPEN ECONOMIES REVIEW, 2021, 32 (01) : 71 - 107
  • [9] Real Exchange Rate Misalignments in the Euro Area
    Michael Fidora
    Claire Giordano
    Martin Schmitz
    Open Economies Review, 2021, 32 : 71 - 107
  • [10] Interest rate risk and monetary policy normalisation in the euro area
    Molyneux, Philip
    Pancotto, Livia
    Reghezza, Alessio
    d'Acri, Costanza Rodriguez
    JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 2022, 124