G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13235
DP13235 Nominal exchange rate dynamics and monetary policy: uncovered interest rate parity and purchasing power parity revisited
Yossi Saadon; Nathan Sussman
发表日期2018-10-31
出版年2018
语种英语
摘要The increasing globalization of trade in goods and services and the deepening of financial markets have reduced frictions that may impede the PPP and UIP relationships' operation in the short run. In this paper, we estimate the short term relative PPP and UIP relationships. Using data from Israel, which has a deep market for inflation expectations for 12 months, we show that relative PPP and UIP cannot be rejected. Deviations from equilibrium last less than a year. Data from Israel’s capital account of the balance of payments shows that the deviations are not destabilizing. Our findings suggest that greater globalization, financial deepening, and developing a market for short-term inflation expectations contribute to monetary policy effectiveness.
主题International Macroeconomics and Finance
关键词Purchasing power parity Uncovered interest rate parity Exchange rates monetary policy Inflation expectations Balance sheet effects
URLhttps://cepr.org/publications/dp13235-0
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/542095
推荐引用方式
GB/T 7714
Yossi Saadon,Nathan Sussman. DP13235 Nominal exchange rate dynamics and monetary policy: uncovered interest rate parity and purchasing power parity revisited. 2018.
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