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Investigating asymmetric effects of monetary shocks on the exchange rate and trade balance, with an emphasis on inflation targeting

机译:调查货币冲击对汇率和贸易平衡的不对称影响,重点是通货膨胀靶向

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Monetary shocks are proposed as a means of economic control in the world's economic systems. The exchange rate and its changes, as one of the macroeconomic variables and the price of foreign currency in the domestic currency, have a significant effect on other macroeconomic variables such as inflation, production, exports, imports, balance of payments and so on. Vast changes in exchange rates can affect the country's macroeconomic variables by affecting the supply and demand of the economy. Thus, according to the proposed issues, this study intends to use the 18-year experience of inflation targeting framework adopted by industrial and developing countries so as to investigate the relationship between monetary shocks on the real exchange rate and the trade balance in some of these countries. The results of the extended torque models' estimates for developed countries indicate that the real exchange rate stabilization policy and trade expansion and trade balance improvement in the studied developed countries have been studied and is a function of the stabile and long-term macro-economic policies and has been properly implemented. The results also showed a positive relationship between gross domestic production and the real exchange rate and existence of a liquidity shock and inflation increases the real exchange rate in the countries studied in the research. Results in developing countries also show that liquidity and rising prices and inflation do not move in a same direction.
机译:货币冲击被提出作为世界经济系统的经济控制手段。汇率及其变化,作为国内货币的外币价格之一,对其他宏观经济变量有重大影响,如通货膨胀,生产,出口,进口,付款余额等。通过影响经济的供需,汇率的巨大变化可以影响国家的宏观经济变量。因此,根据拟议的问题,本研究打算使用工业和发展中国家通过的通货膨胀目标框架的18年经验,以调查货币震荡对实际汇率和其中一些人的贸易平衡之间的关系国家。延长扭矩模型的结果估计发达国家的估计表明,已经研究了研究过的发达国家的实际汇率稳定政策和贸易差异和贸易平衡,并具有稳定和长期宏观经济政策的职能并已得到妥善实施。结果还表明,国内生产总值与实际汇率与流动性休克和通胀存在的正面关系增加了研究中研究的国家的实际汇率。成果在发展中国家还表明流动性和价格上涨和通货膨胀不会在同一方向上移动。

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