WHENCE EXCHANGE-RATE OVERSHOOTING - MONEY STOCK OR FLOW

被引：3
|
作者：
LYONS, RK [1 ]
机构：
[1] NATL BUR ECON RES, CAMBRIDGE, MA 02138 USA
来源：
JOURNAL OF INTERNATIONAL ECONOMICS | 1990年 / 29卷 / 3-4期
基金：
美国国家科学基金会;
关键词：
D O I：
10.1016/0022-1996(90)90039-O
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Money stock innovations have two principal impact effects on the exchange rate. One is the direct effect as captured by the overshooting hypothesis. The second is the result of the change in money growth rate expectations induced by the stock innovation. Simulations using a stylized monetary process verify that the front-end loading of the growth rate effect is potentially much more important that the direct effect. Additional simulations using a calibrated monetary process demonstrate that growth rate effects are on average about twice the magnitude of stock innovation effects. © 1990.
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页码：369 / 384
页数：16
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