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Monetary Policy and Real Exchange Rate Dynamics in Stick-price Models

Carlos Carvalho

出版	Federal Reserve Bank of San Francisco, 2014
URL	http://books.google.com.hk/books?id=_i6LAQAACAAJ&hl=&source=gbs_api

註釋

"The authors study how real exchange rate dynamics are affected by monetary policy in dynamic, stochastic, general equilibrium, sticky-price models. Their analytical and quantitative results show that the source of interest rate persistence - policy inertia or persistent policy shocks - is key. When the monetary policy rule has a strong interest rate smoothing component, these models fail to generate high real exchange rate persistence in response to monetary shocks, as policy inertia hampers their ability to generate a hump-shaped response to such shocks. Moreover, in the presence of persistent monetary shocks, increasing policy inertia may decrease real exchange rate persistence."--Abstract.