Exchange Rates, International Trade and Trade Policies
the effect of exchange rate misalignments on trade policy The rationale is that the stance of the exchange rate may indirectly affect governments’ decisions regarding other policies, especially those affecting international trade 4 The recent literature on this topic is more limited and largely focused on contingency measures
Exchange Rate Policy, Real Exchange Rate, and Inflation
Exchange Rate Policy, the Real Exchange Rate and Inflation Lessons from Latin America I introduction Exchange rate policy is usually driven by two different, and many times conflicting objectives: first, to support a competitive real exchange rate, and second, to serve as a nominal anchor for low inflation The former
Exchange Rate Policy and Monetary Policy Implementation
Exchange rate and monetary policy choices – in practice In practice, both developing and emerging economies, policymakers may legitimately strive for a workable policy that combines elements of financial integration, monetary policy autonomy and exchange rate stability
The Role of the Exchange Rate in Monetary-Policy Rules
of the Exchange Rate in Policy Rules I review the exchange-rate implications of several recent normative policy-evaluation studies: Laurence Ball (1999), Svensson (2000), and Taylor (1999b) There is currently much work going on in this area, so the review must be considered preliminary To summarize, these
Monetary Policy and Exchange Rate Returns: Time-Varying Risk
If the exchange rate market is efficient, then relevant news (e g , changes in the stance of monetary policy) should be incorporated immediately into the exchange rate, and future exchange rate returns should only be forecastable by variables that capture compensation for
The Relationship between Exchange Rate Policy and Monetary
503 Exchange Rate Policy and Monetary Policy in Ten Industrial Countries change in net foreign assets, again as an identity from columns 3 and 4 of table 15 1: -+ ++ -+- -+ (8) AL2( r, rs, rf, Y) = B( r, rf, Y) + ANFApb( r, rf) Substituting into the foreign asset equilibrium condition from the rest of the
An exchange-rate-centred monetary policy system: Singapores
An exchange-rate-centred monetary policy system: Singapore’s experience Ong Chong Tee 1 Abstract Unlike most other countries, Singapore has adopted the use of the exchange rate rather than the interest rate as the instrument of monetary policy The choice of the exchange rate is predicated on the Singapore economy’s small size and its high
Exchange Rates as Trade Frictions: Estimates and Implications
0:24 4 Exchange rate passthrough friction at the sectoral level drives much wider variation in sectoral ‘terms of trade’ This is due to variation in both buyer and seller components We report swings of 40-50 in some sector-country cases Sectoral interest group pressure on exchange rate policy is behind ‘currency manipula-
Singapores Exchange Rate-based Monetary Policy
Since 1981, monetary policy in Singapore has been centred on the management of the exchange rate The primary objective has been to promote price stability as a sound basis for sustainable economic growth The exchange rate represents an ideal intermediate target of monetary policy in the context of the small and open Singapore economy
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