Monetary policy transparency and real exchange rate adjustment

被引：0

作者：

Lai, Zheng-Hao ^{[1
]}

Wu, Jyh-Lin ^{[2
]}

机构：

[1] Natl Chung Cheng Univ, Dept Econ, Minxiong, Taiwan

[2] Natl Sun Yat Sen Univ, Inst Econ, Kaohsiung, Taiwan

来源：

REVIEW OF INTERNATIONAL ECONOMICS | 2023年 / 31卷 / 03期

关键词：

monetary policy transparency; panel data; real exchange rate adjustment; sample-selection bias; CENTRAL BANK TRANSPARENCY; RATE REGIMES; INFLATION; TESTS; COINTEGRATION; CREDIBILITY;

D O I：

10.1111/roie.12659

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the effect of different attributes of monetary policy transparency on real exchange rate adjustment by estimating the half-life of the real exchange rate. After controlling for sample-selection bias, results from the panel error-correction model suggest that the economic aspect of transparency facilitates real exchange rate adjustment in non-industrial countries. The driving force behind this finding is that economic transparency enhances nominal exchange rate adjustment. However, none of the different attributes of monetary policy transparency significantly affect real exchange rate adjustment in industrial countries. Failure to control for sample-selection bias over-rejects the null hypothesis.

引用

页码：1173 / 1198

页数：26

共 43 条

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