The Effect of Fixed Exchange Rates on Monetary Policy

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ID: 305241
2004
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Abstract
To investigate how a fixed exchange rate affects monetary policy, this paper classifies countries as pegged or nonpegged and examines whether a pegged country must follow the interest rate changes in the base country. Despite recent research which hints that all countries, not just pegged countries, lack monetary freedom, the evidence shows that pegs follow base country interest rates more than nonpegs. This study uses actual behavior, not declared status, for regime classification; expands the sample including base currencies other than the dollar; examines the impact of capital controls, as well as other control variables; considers the time series properties of the data carefully; and uses cointegration and other levels-relationship analysis to provide additional insights.
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openalex_W2155441609 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Jay Shambaugh
Journal the quarterly journal of economics
Year 2004
DOI
10.1162/003355304772839605
URL
https://doi.org/10.1162/003355304772839605
Keywords Keywords not found

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