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The monetary approach to the exchange rate

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MacDonald, Ronald and Taylor, Mark P. (1991) The monetary approach to the exchange rate. Economics Letters, 37 (2). pp. 179-185. doi:10.1016/0165-1765(91)90128-8

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Official URL: http://dx.doi.org/10.1016/0165-1765(91)90128-8

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Abstract

In this paper the monetary approach to the exchange rate is re-examined for three key currencies, using data for the recent experience with flexible exchange rates. Two important findings are reported in the paper. First, it is demonstrated, using a multivariate cointegration technique, that an unrestricted monetary model is a valid framework for analysing the long run exchange rate. Second, we find, inter alia, that the proportionality of the exchange rate to relative money supplies is valid for the German mark.

Item Type: Journal Article
Subjects: H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Foreign exchange rates
Journal or Publication Title: Economics Letters
Publisher: Elsevier
ISSN: 0165-1765
Official Date: 1991
Dates:
DateEvent
1991UNSPECIFIED
Volume: 37
Number: 2
Number of Pages: 7
Page Range: pp. 179-185
DOI: 10.1016/0165-1765(91)90128-8
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access

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