000			03492nam a22005055i 4500
001			978-3-642-10280-6
003			DE-He213
005			20140220084528.0
007			cr nn 008mamaa
008			100301s2010 gw | s |||| 0|eng d
020			_a9783642102806 _9978-3-642-10280-6
024	7		_a10.1007/978-3-642-10280-6 _2doi
050		4	_aHB172.5
072		7	_aKCB _2bicssc
072		7	_aKCBM _2bicssc
072		7	_aBUS039000 _2bisacsh
072		7	_aBUS045000 _2bisacsh
082	0	4	_a339 _223
100	1		_aFloyd, John E. _eauthor.
245	1	0	_aInterest Rates, Exchange Rates and World Monetary Policy _h[electronic resource] / _cby John E. Floyd.
264		1	_aBerlin, Heidelberg : _bSpringer Berlin Heidelberg, _c2010.
300			_bonline resource.
336			_atext _btxt _2rdacontent
337			_acomputer _bc _2rdamedia
338			_aonline resource _bcr _2rdacarrier
347			_atext file _bPDF _2rda
505	0		_aA Theoretical Framework -- Specifications and Assumptions -- Underlying Equilibrium Growth Paths -- Variations in Employment -- Some Important Implications -- Exchange Rate Overshooting -- Exchange Rate Determination -- Issues Regarding Exchange Rate Determination -- Time Series Properties of Observed Exchange Rate Movements -- Efficient Markets and Exchange Rate Forecasts -- The Role of Real Shocks in Determining Real Exchange Rates: The Evidence -- The Role of Money Supply Shocks in Determining Real Exchange Rates: The Evidence -- Further Evidence from a Blanchard-Quah VAR Analysis -- Implications for Monetary Policy -- The Model -- Monetary Policy and Exchange Rates -- Corroborating and Other Evidence -- Conclusions and Suggestions for Future Work.
520			_aA careful basic theoretical and econometric analysis of the factors determining the real exchange rates of Canada, the U.K., Japan, France and Germany with respect to the United States is conducted. The resulting conclusion is that real exchange rates are almost entirely determined by real factors relating to growth and technology such as oil and commodity prices, international allocations of world investment across countries, and underlying terms of trade changes. Unanticipated money supply shocks, calculated in five alternative ways have virtually no effects. A Blanchard-Quah VAR analysis also indicates that the effects of real shocks predominate over monetary shocks by a wide margin. The implications of these facts for the conduct of monetary policy in countries outside the U.S. are then explored leading to the conclusion that all countries, to avoid exchange rate overshooting, have tended to automatically follow the same monetary policy as the United States. The history of world monetary policy is reviewed along with the determination of real exchange rates within the Euro Area.
650		0	_aEconomics.
650		0	_aEconomics _xStatistics.
650		0	_aEconometrics.
650		0	_aInternational economics.
650		0	_aMacroeconomics.
650	1	4	_aEconomics/Management Science.
650	2	4	_aMacroeconomics/Monetary Economics.
650	2	4	_aEconometrics.
650	2	4	_aInternational Economics.
650	2	4	_aStatistics for Business/Economics/Mathematical Finance/Insurance.
710	2		_aSpringerLink (Online service)
773	0		_tSpringer eBooks
776	0	8	_iPrinted edition: _z9783642102790
856	4	0	_uhttp://dx.doi.org/10.1007/978-3-642-10280-6
912			_aZDB-2-SBE
999			_c111724 _d111724