کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
963515 | 930359 | 2012 | 22 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Identifying sources of macroeconomic and exchange rate fluctuations in the UK
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Identifying sources of macroeconomic and exchange rate fluctuations in the UK Identifying sources of macroeconomic and exchange rate fluctuations in the UK](/preview/png/963515.png)
چکیده انگلیسی
Using quarterly data for the period 1985:1-2011:1, this paper uses a stylised, open economy, structural VAR model to identify the types of shocks responsible for macroeconomic fluctuations in the UK economy. The stylised model implies a set of short-run restrictions that allow for the identification of the shocks. The importance of each shock is determined by examining forecast-error variance decompositions, impulse response functions, and implied long-run (or permanent) effects. The results presented here imply that two shocks (called the technology and IS shocks) are relatively more important than other shocks. Monetary shocks do exhibit long-run monetary neutrality, but clearly monetary policy is not responsible for a meaningful share of output and employment fluctuations during the sample period. The estimated VAR and structural disturbances imply that the model accurately reflects the UK economy. There is little evidence of a price puzzle or an exchange rate puzzle (evidence against uncovered interest rate parity) in response to an unexpected monetary policy tightening.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 31, Issue 6, October 2012, Pages 1627-1648
Journal: Journal of International Money and Finance - Volume 31, Issue 6, October 2012, Pages 1627-1648
نویسندگان
James P. Cover, Sushanta K. Mallick,