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150128 ||| eng |
| 020 |
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|a 9781451856170
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| 100 |
1 |
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|a Zettelmeyer, Jeromin
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| 245 |
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|a The Impact of Monetary Policyon the Exchange Rate
|b Evidence From Three Small Open Economies
|c Jeromin Zettelmeyer
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2000
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| 300 |
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|a 45 pages
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| 651 |
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4 |
|a New Zealand
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| 653 |
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|a Interest rates
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| 653 |
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|a Payment Systems
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| 653 |
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|a Regimes
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| 653 |
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|a Financial services
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| 653 |
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|a Open Economy Macroeconomics
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| 653 |
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|a Intangible Capital
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| 653 |
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|a National accounts
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| 653 |
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|a Money
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Standards
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| 653 |
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|a Depreciation
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| 653 |
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|a Exchange rate policy
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| 653 |
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|a Currencies
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| 653 |
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|a Development Planning and Policy: Trade Policy
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Banking
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| 653 |
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|a Capacity
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| 653 |
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|a Capital
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| 653 |
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|a Foreign exchange
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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 Investment
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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 Factor Movement
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| 653 |
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|a Saving and investment
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Foreign Exchange Policy
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| 653 |
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|a Investments: General
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Central Banks and Their Policies
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Exchange rates
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Central bank policy rate
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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 |
0 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451856170.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2000/141/001.2000.issue-141-en.xml?cid=3718-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a This paper studies the impact effect of monetary policy shocks—identified by the reaction of three month market interest rates to policy announcements—on the exchange rate in Australia, Canada, and New Zealand during the 1990s. The main results are that (1) on average, a 100 basis point contractionary shock will appreciate the exchange rate by 2-3 percent on impact; (ii) seemingly “perverse” reactions of the exchange rate to monetary policy are mainly attributable to reverse causality; (iii) in a few instances, there were true “perverse” reactions of exchange rates to policy— generally, appreciations following expansionary shocks
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