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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
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: |
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| 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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