메뉴 건너뛰기




Volumn 19, Issue 5, 2000, Pages 601-631

The effect of monetary policy actions on exchange rates under interest-rate targeting

Author keywords

Exchange rates; Interest rate targeting; Monetary policy; Overshooting; Policy shocks

Indexed keywords


EID: 0034288671     PISSN: 02615606     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0261-5606(00)00026-7     Document Type: Article
Times cited : (6)

References (31)
  • 1
    • 0000698892 scopus 로고
    • Transmission of US monetary policy to Europe and asymmetry in the European monetary system
    • Artus, P., Avouyi-Dovi, S., Bleuze, E., Lecointe, F., 1991. Transmission of US monetary policy to Europe and asymmetry in the European monetary system. European Economic Review 35, 1369-1384.
    • (1991) European Economic Review , vol.35 , pp. 1369-1384
    • Artus, P.1    Avouyi-Dovi, S.2    Bleuze, E.3    Lecointe, F.4
  • 3
    • 0031184831 scopus 로고    scopus 로고
    • A model of target changes and the term structure of interest rates
    • Balduzzi, P., Bertola, G., Foresi, S., 1997. A model of target changes and the term structure of interest rates. Journal of Monetary Economics 39, 223-249.
    • (1997) Journal of Monetary Economics , vol.39 , pp. 223-249
    • Balduzzi, P.1    Bertola, G.2    Foresi, S.3
  • 6
    • 0040844802 scopus 로고    scopus 로고
    • Monetary policy actions, intervention, and exchange rates: A re-examination of the empirical relationships using federal funds rate target data
    • Bonser-Neal, C., Roley, V.V., Sellon, G.H. Jr, 1998. Monetary policy actions, intervention, and exchange rates: A re-examination of the empirical relationships using federal funds rate target data. Journal of Business 71, 147-177.
    • (1998) Journal of Business , vol.71 , pp. 147-177
    • Bonser-Neal, C.1    Roley, V.V.2    Sellon G.H., Jr.3
  • 10
    • 0000852872 scopus 로고
    • Expectations and exchange rate dynamics
    • Dornbusch, R., 1976. Expectations and exchange rate dynamics. Journal of Political Economy 84, 1161-1176.
    • (1976) Journal of Political Economy , vol.84 , pp. 1161-1176
    • Dornbusch, R.1
  • 11
    • 0001795983 scopus 로고
    • The rational expectations hypothesis of the term structure, monetary policy, and time-varying term premia
    • Dotsey, M., Otrok, C., 1995. The rational expectations hypothesis of the term structure, monetary policy, and time-varying term premia. Federal Reserve Bank of Richmond Economic Quarterly 81, 65-81.
    • (1995) Federal Reserve Bank of Richmond Economic Quarterly , vol.81 , pp. 65-81
    • Dotsey, M.1    Otrok, C.2
  • 12
    • 84959805338 scopus 로고
    • Some empirical evidence on the effects of shocks to monetary policy on exchange rates
    • Eichenbaum, M., Evans, C.L., 1995. Some empirical evidence on the effects of shocks to monetary policy on exchange rates. Quarterly Journal of Economics 110, 975-1009.
    • (1995) Quarterly Journal of Economics , vol.110 , pp. 975-1009
    • Eichenbaum, M.1    Evans, C.L.2
  • 13
    • 0001910895 scopus 로고
    • Why interest rates react to money announcements: An explanation from the foreign exchange market
    • Engel, C., Frankel, J., 1984. Why interest rates react to money announcements: An explanation from the foreign exchange market. Journal of Monetary Economics 13, 31-39.
    • (1984) Journal of Monetary Economics , vol.13 , pp. 31-39
    • Engel, C.1    Frankel, J.2
  • 15
    • 0001180692 scopus 로고
    • Monetary policy trade-offs and the correlation between nominal interest rates and real output
    • Fuhrer, J.C., Moore, G.R., 1995. Monetary policy trade-offs and the correlation between nominal interest rates and real output. American Economic Review 85, 219-239.
    • (1995) American Economic Review , vol.85 , pp. 219-239
    • Fuhrer, J.C.1    Moore, G.R.2
  • 17
    • 84925889304 scopus 로고
    • The cyclical pattern of unemployment and wage inflation
    • Grossman, H.I., 1974. The cyclical pattern of unemployment and wage inflation. Economica 41, 403-413.
    • (1974) Economica , vol.41 , pp. 403-413
    • Grossman, H.I.1
  • 18
    • 0001185132 scopus 로고
    • Some evidence on the international transmission of US money supply announcement effects
    • Husted, S., Kitchen, J., 1985. Some evidence on the international transmission of US money supply announcement effects. Journal of Money, Credit, and Banking 17, 456-466.
    • (1985) Journal of Money, Credit, and Banking , vol.17 , pp. 456-466
    • Husted, S.1    Kitchen, J.2
  • 19
    • 0011564450 scopus 로고
    • The persistence of the "peso problem" when policy is noisy
    • Lewis, K.K., 1988. The persistence of the "peso problem" when policy is noisy. Journal of International Money and Finance 7, 5-21.
    • (1988) Journal of International Money and Finance , vol.7 , pp. 5-21
    • Lewis, K.K.1
  • 20
    • 21844490709 scopus 로고
    • Are foreign exchange intervention and monetary policy related, and does it really matter?
    • Lewis, K.K., 1995. Are foreign exchange intervention and monetary policy related, and does it really matter? Journal of Business 68, 185-214.
    • (1995) Journal of Business , vol.68 , pp. 185-214
    • Lewis, K.K.1
  • 21
    • 0000777329 scopus 로고
    • Rational expectations and macroeconomic stabilization policy
    • McCallum, B.T., 1980. Rational expectations and macroeconomic stabilization policy. Journal of Money, Credit, and Banking 12, 716-746.
    • (1980) Journal of Money, Credit, and Banking , vol.12 , pp. 716-746
    • McCallum, B.T.1
  • 22
    • 38149143534 scopus 로고
    • A reconsideration of the uncovered interest parity relationship
    • McCallum, B.T., 1994a. A reconsideration of the uncovered interest parity relationship. Journal of Monetary Economics 33, 105-132.
    • (1994) Journal of Monetary Economics , vol.33 , pp. 105-132
    • McCallum, B.T.1
  • 25
    • 0001748525 scopus 로고
    • Sticky prices and disequilibrium adjustment in a rational model of the inflationary process
    • Mussa, M., 1981. Sticky prices and disequilibrium adjustment in a rational model of the inflationary process. American Economic Review 71, 1020-1027.
    • (1981) American Economic Review , vol.71 , pp. 1020-1027
    • Mussa, M.1
  • 26
    • 0000828887 scopus 로고
    • Exchange rate dynamics with sluggish prices under alternative price-adjustment rules
    • Obstfeld, M., Rogoff, K., 1984. Exchange rate dynamics with sluggish prices under alternative price-adjustment rules. International Economic Review 25, 159-174.
    • (1984) International Economic Review , vol.25 , pp. 159-174
    • Obstfeld, M.1    Rogoff, K.2
  • 27
    • 0002273040 scopus 로고    scopus 로고
    • The response of interest rates to anticipated and unanticipated monetary policy actions
    • Roley, V.V., Sellon Jr, G.H., 1998. The response of interest rates to anticipated and unanticipated monetary policy actions. University of Washington Working Paper.
    • (1998) University of Washington Working Paper
    • Roley, V.V.1    Sellon G.H., Jr.2
  • 28
    • 0000867933 scopus 로고
    • Does monetary policy matter? A new test in the spirit of Friedman and Schwartz
    • Blanchard, O.J., Fischer, S. (Eds.), MIT Press, Cambridge, MA
    • Romer, C.D., Romer, D.H., 1989. Does monetary policy matter? A new test in the spirit of Friedman and Schwartz. In: Blanchard, O.J., Fischer, S. (Eds.), NBER Macroeconomics Annual 1989. MIT Press, Cambridge, MA, pp. 121-170.
    • (1989) NBER Macroeconomics Annual 1989 , pp. 121-170
    • Romer, C.D.1    Romer, D.H.2
  • 29
    • 0345982186 scopus 로고    scopus 로고
    • An optimization-based econometric framework for the evaluation of monetary policy
    • Bernanke, B., Rotemberg, J. (Eds.), MIT Press, Cambridge, MA
    • Rotemberg, J.J., Woodford, M., 1997. An optimization-based econometric framework for the evaluation of monetary policy. In: Bernanke, B., Rotemberg, J. (Eds.), NBER Macroeconomics Annual 1997. MIT Press, Cambridge, MA, pp. 297-346.
    • (1997) NBER Macroeconomics Annual 1997 , pp. 297-346
    • Rotemberg, J.J.1    Woodford, M.2
  • 30
    • 58149362804 scopus 로고
    • Federal reserve interest rate targeting, rational expectations, and the term structure
    • Rudebusch, G.D., 1995. Federal reserve interest rate targeting, rational expectations, and the term structure. Journal of Monetary Economics 35, 245-274.
    • (1995) Journal of Monetary Economics , vol.35 , pp. 245-274
    • Rudebusch, G.D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.