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AA00260492-20080000-0049.pdf
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Download
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:4.6 MB
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| Last updated |
:Dec 16, 2009 |
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Total downloads since Dec 16, 2009 : 881
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The Exchange Rate-Investment Nexus and Exchange Rate Instability : Another Reason for 'Fear of Floating'
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Ahmed, Habib
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Institute of Middle Eastern and Islamic Studies, Durham University, Durham, UK
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Hallwood, C. Paul
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Department of Economics, University of Connecticut, Storrs, USA
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Miller, Stephen M.
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Department of Economics, University of Nevada, Las Vegas, USA
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Keio Economic Society, Keio University
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2008
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Keio economic studies
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45
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2008
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49
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79
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We show that expansionary monetary policy causes exchange rate overshooting due to the secondary repercussion coming through the reaction of firms to changed asset prices and the firms' decisions to invest in real capital. This overshooting effect adds to any overshooting that occurs through the traditional Dornbusch (1976) channel, since our model with its market clearing in the short run excludes any Dornbusch overshooting. The model sheds further light on the volatility of real and nominal exchange rates. It suggests that changes in corporate sector profitability may affect exchange
rates through international portfolio diversification in corporate securities, and it offers an additional reason for 'fear of floating'.
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| Open economy macroeconomics
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| Exchange rate overshooting
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