...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>The North American journal of economics and finance >Multilateral adjustment, regime switching and real exchange rate dynamics
【24h】

Multilateral adjustment, regime switching and real exchange rate dynamics

机译：多边调整，体制转换和实际汇率动态

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

The purpose of this paper is to examine the role of multilateral adjustment to U.S. external imbalances in driving bilateral real exchange rate movements by developing a new regime-switching model that consists of a Markov-switching model with a time-varying transition matrix that depends on a threshold variable. Consequently, the dynamics of the real exchange rate can be modeled in the context of two regimes: one in which multilateral adjustment to large U.S. external imbalances is an important factor driving movements in the real exchange rate and the second in which the real exchange rate is driven mainly by country-specific macroeconomic fundamentals. We apply this model to the bilateral real Canada-U.S. dollar exchange rate and compare its performance to several other alternative models. All of the models are estimated using a Bayesian approach. Our findings suggest that during periods of large U.S. imbalances, an exchange rate model for the real Canada-U.S. dollar exchange rate should allow for multilateral adjustment effects.
机译：本文的目的是通过开发一种新的政权转换模型来研究多边调整对美国外部失衡的调节在推动双边实际汇率变动中的作用，该模型由马尔可夫转换模型和随时间变化的过渡矩阵组成，取决于阈值变量。因此，可以在两种体制的背景下对实际汇率的动态进行建模：一种体制是对美国巨大的外部失衡进行多边调整是驱动实际汇率变动的重要因素，而第二种体制是主要由特定国家的宏观经济基本面驱动。我们将此模型应用于加元与美元的双边实际汇率，并将其效果与其他几种替代模型进行比较。所有模型均使用贝叶斯方法进行估算。我们的研究结果表明，在美国出现巨大的失衡期间，加拿大-美元实际汇率的汇率模型应考虑到多边调整的影响。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号