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Exchange rates and asymmetric shocks in small open economies
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
2008 (English)In: Empirical Economics, ISSN 0377-7332, E-ISSN 1435-8921, Vol. 35, no 3, 527-541 p.Article in journal (Refereed) Published
Abstract [en]

We study the stabilizing properties of exchange rates in five small open economies during to periods of floating exchange rates and inflation targeting. In the cases of Sweden and Canada, the nominal exchange rates behave in a stabilizing manner. Most exchange rate movements emanate from the exchange rate itself and are hence not responses to fundamental shocks. However, these non-fundamental shocks have only negligible effects on output and inflation. Our findings indicate that exchange rates display some stabilizing properties but can mainly be characterized as disconnected from the rest of the economy.

Place, publisher, year, edition, pages
2008. Vol. 35, no 3, 527-541 p.
Keyword [en]
Asymmetric shocks, Exchange rates, Structural VAR
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:uu:diva-108532DOI: 10.1007/s00181-007-0177-7ISI: 000260636100007OAI: oai:DiVA.org:uu-108532DiVA: diva2:236218
Available from: 2009-09-21 Created: 2009-09-21 Last updated: 2017-12-13Bibliographically approved

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