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Exchange Rates and Asymmetric Shocks in Small Open Economies
Stockholm University, Faculty of Social Sciences, Department of Economics.
2008 (English)In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 35, no 3, 527-541 p.Article in journal (Refereed) Published
Abstract [en]

 

 

 

Abstract

 

 

We study the stabilizing properties of exchange rates in five small open

economies during to periods of floating exchange rates and inflation targeting. In

the cases of Sweden and Canada, the nominal exchange rates behave in a stabilizing

manner. Most exchange rate movements emanate from the exchange rate itself

and are hence not responses to fundamental shocks. However, these non-fundamental

shocks have only negligible effects on output and inflation. Our findings indicate that

exchange rates display some stabilizing properties but can mainly be characterized as

disconnected from the rest of the economy.

Place, publisher, year, edition, pages
2008. Vol. 35, no 3, 527-541 p.
Keyword [en]
Exchange rates, Asymmetric shocks, Structural VAR
Identifiers
URN: urn:nbn:se:su:diva-44247DOI: DOI 10.1007/s00181-007-0177-7OAI: oai:DiVA.org:su-44247DiVA: diva2:360661
Available from: 2010-11-04 Created: 2010-11-04 Last updated: 2017-12-12Bibliographically approved

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