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150128 ||| eng |
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|a 9781451844535
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|a Rogoff, Kenneth
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| 245 |
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|a Commodity Currencies and Empirical Exchange Rate Puzzles
|c Kenneth Rogoff, Yu-chin Chen
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2002
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| 300 |
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|a 46 pages
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| 651 |
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4 |
|a New Zealand
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| 653 |
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|a Exchange rates
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Foreign exchange
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| 653 |
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|a Commodity Markets
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| 653 |
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|a Currencies
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| 653 |
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|a Money
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| 653 |
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|a Real exchange rates
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| 653 |
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|a Terms of trade
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| 653 |
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|a Empirical Studies of Trade
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| 653 |
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|a Commodity prices
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| 653 |
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|a Standards
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| 653 |
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|a Regimes
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Government and the Monetary System
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Payment Systems
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| 653 |
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|a International economics
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| 653 |
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|a International trade
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| 653 |
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|a Exports and Imports
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Prices
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| 653 |
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|a Nternational cooperation
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| 653 |
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|a Monetary economics
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| 653 |
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|a Currency
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| 653 |
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|a Economic policy
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| 700 |
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|a Chen, Yu-chin
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451844535.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2002/027/001.2002.issue-027-en.xml?cid=15638-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a This paper re-examines empirical exchange rate puzzles by focusing on three OECD economies (Australia, Canada, and New Zealand) where primary commodities constitute a significant share of their exports. For Australia and New Zealand especially, we find that the U.S. dollar price of their commodity exports (generally exogenous to these small economies) —has a strong and stable influence on their floating real rates, with the quantitative magnitude of the effects consistent with predictions of standard theoretical models. However, after controlling for commodity price shocks, there is still a PPP puzzle in the residual. Nevertheless, the results here are relevant to many developing country commodity exporters, as they liberalize their capital markets and move towards floating exchange rates
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