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Exchange Rate Expectations Redux and Monetary Policy

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dc.creator Pierdzioch, Christian
dc.date 2002
dc.date.accessioned 2013-10-16T06:56:41Z
dc.date.available 2013-10-16T06:56:41Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/17776
dc.identifier ppn:350944490
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/17776
dc.description This paper uses a dynamic general equilibrium optimizing two-country model to analyze how the formation of exchange rate expectations shapes the effects of monetary policy shocks in open economies. The model implies that the short-run output effects of permanent monetary policy shocks diminish if 'noise traders' in the foreign exchange market form regressive exchange rate expectations. If the influence of these noise traders is strong enough, a permanent expansionary monetary policy shock can result in a temporary decline of the output in the country in which it takes place. The output effects of temporary monetary policy shocks are magnified when noise traders form regressive exchange rate expectations.
dc.language eng
dc.publisher Kiel Institute for the World Economy (IfW) Kiel
dc.relation Kieler Arbeitspapiere 1109
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject F31
dc.subject F41
dc.subject G15
dc.subject ddc:330
dc.subject Monetary policy
dc.subject Exchange rate expectations
dc.subject Noise trading
dc.subject Geldpolitik
dc.subject Schock
dc.subject Makroökonomischer Einfluß
dc.subject Wechselkurstheorie
dc.subject Erwartungstheorie
dc.subject Noise Trading
dc.subject Offene Volkswirtschaft
dc.subject Dynamisches Gleichgewicht
dc.subject Theorie
dc.title Exchange Rate Expectations Redux and Monetary Policy
dc.type doc-type:workingPaper

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