NDLI: Asset Market and Balance of Payments Characteristics: An Eclectic Exchange Rate Model for the Dollar, Mark and Yen

Content Provider	Semantic Scholar
Author	Macdonald, Ronald
Copyright Year	1995
Abstract	In this paper we use an exchange rate model, which combines asset market characteristics with balance of payments interactions, to examine the nominal effective exchange rates of the German mark, Japanese yen and US dollar for the recent experience with floating exchange rates. Our approach may be interpreted as one which attempts to flesh out the missing links that arise in conditioning an exchange rate solely on relative prices, as occurs in a standard PPP analysis. Amongst the results reported in this paper are: significant, and sensible, long-run relationships for the currencies studied; complex short-run dynamics; a variance decomposition analysis which apportions nominal exchange rate error variances into real and nominal elements.
Starting Page	5
Ending Page	29
Page Count	25
File Format	PDF HTM / HTML
DOI	10.1023/A:1008382709501
Volume Number	10
Alternate Webpage(s)	https://page-one.springer.com/pdf/preview/10.1023/A:1008382709501
Alternate Webpage(s)	https://doi.org/10.1023/A%3A1008382709501
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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