| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13235 |
| 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 |
| URL | https://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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