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dc.contributor.authorBjørnland, Hilde C.
dc.contributor.authorHalvorsen, Jørn Inge
dc.date.accessioned2018-05-09T11:02:30Z
dc.date.available2018-05-09T11:02:30Z
dc.date.issued2008
dc.identifier.isbn978-82-7553-454-3
dc.identifier.isbn978-82-7553-455-0
dc.identifier.issn0801-2504
dc.identifier.issn1502-8143
dc.identifier.urihttp://hdl.handle.net/11250/2497770
dc.description.abstractThis paper analyzes how monetary policy responds to exchange rate movements in open economies, paying particular attention to the two-way interaction between monetary policy and exchange rate movements. We address this issue using a structural VAR model that is identified using a combination of sign and short-term (zero) restrictions. Our suggested identification scheme allows for a simultaneous reaction between the variables that are observed to respond intraday to news (the interest rate and the exchange rate), but maintains the recursive order for the traditional macroeconomic variables (GDP and inflation). Doing so, we find strong interaction between monetary policy and exchange rate variation. Our results suggest more theory consistency in the monetary policy responses than what has previously been reported in the literature.nb_NO
dc.language.isoengnb_NO
dc.publisherNorges Banknb_NO
dc.relation.ispartofseriesWorking Papers;15/2008
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectJEL: C32nb_NO
dc.subjectJEL: E52nb_NO
dc.subjectJEL: F31nb_NO
dc.subjectJEL: F41nb_NO
dc.subjectSVARnb_NO
dc.subjectBayesian estimationnb_NO
dc.subjectexchange ratenb_NO
dc.subjectmonetary policynb_NO
dc.subjectsign restrictionsnb_NO
dc.titleHow Does Monetary Policy Respond to Exchange Rate Movements? New International Evidencenb_NO
dc.typeWorking papernb_NO
dc.description.versionpublishedVersionnb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212nb_NO
dc.source.pagenumber45nb_NO


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
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