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The Open Economy Consequences of U.S. Monetary Policy.

Abstract:

A failure to identify movements in the federal funds rate that are both un- predictable and independent of other determinants of open economy variables may lead to attenuation bias in the estimated effects of U.S. monetary policy on the exchange rate and foreign variables. Using a U.S. monetary policy measure which isolates unpredictable and independent federal funds rate changes, we quantify the magnitude of the attenuation bias for the exchange rate and foreign variables. The exchange rate ...

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Publisher copy:
10.1016/j.jimonfin.2010.11.001

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Journal:
Journal of International Money and Finance
Volume:
30
Issue:
2
Publication date:
2011-01-01
DOI:
URN:
uuid:f7c8db36-911d-4b49-a0c7-6fd7f70297f3
Local pid:
ora:1304
Language:
English

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