Year unknown•RePEc: Research Papers in EconomicsRequires access

Real exchange rate effects of monetary disturbances under different degrees of exchange rate flexibility: An empirical analysis

Reuven Glick, Peter E. Kretzmer, Clas Wihlborg

Abstract

Abstract We examine the effects of monetary policy on the real exchange rate. In a cross-country analysis, we find that the variability of money shocks and the degree of informativeness of the exchange rate are important determinants of the magnitude of the real exchange rate effects of domestic money shocks. Our results are consistent with previous cross-country evidence on the output effects of money shocks but also highlight the role of the exchange rate regime.

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Key concepts: Exchange rate, Economics, Monetary economics, Exchange-rate flexibility, Monetary policy, Flexibility (engineering), Exchange-rate regime, Econometrics