دانلود مقاله ISI انگلیسی شماره 47851
ترجمه فارسی عنوان مقاله

تاثیر انحراف قانون تیلور بر روی نرخ واقعی ارز

عنوان انگلیسی
The influence of Taylor rule deviations on the real exchange rate ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
47851 2012 11 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Review of Economics & Finance, Volume 24, October 2012, Pages 51–61

ترجمه کلمات کلیدی
پازل قطع نرخ ارز - نوسانات نرخ ارز - قانون تیلور
کلمات کلیدی انگلیسی
F31; E5; F41Exchange rate disconnect puzzle; Exchange rate fluctuations; Taylor rule
پیش نمایش مقاله
پیش نمایش مقاله  تاثیر انحراف قانون تیلور بر روی نرخ واقعی ارز

چکیده انگلیسی

This paper explores the influence of Taylor rule deviations on the Deutschmark-Dollar and Yen-Dollar real exchange rate. Taylor rule deviations occur if the short term interest rate persistently deviates from an interest rate path consistent with the Taylor rule. It uses the behavior rational expectation exchange rate model, where the monetary policy is captured by a Taylor rule. The set of exchange rate fundamentals is constructed in two different ways. In the baseline specification only the traditional macro fundamentals are considered, whereas in the second specification Taylor rule deviations are included as well. This paper finds that Taylor rule deviations are important determinants of the exchange rate as the second specification fits the data much better than the baseline.