Suche nach Schlagworten '19666-0'
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Title: Exchange rates and fundamentals |
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Abstract Standard economic models hold that exchange rates are influenced by fundamental variables such as relative money supplies, outputs, inflation rates and interest rates. Nonetheless, it has been well documented that such variables little help predict changes in floating exchange rates - that is, exchange rates follow a random walk. We show that the data do exhibit a related link suggested by standard models - that the exchange rate helps predict fundamentals. We also show analytically that in a rational expectations present value model, an asset price manifests near random walk behavior if fundamentals are I(1) and the factor for discounting future fundamentals is near one. We suggest that this may apply to exchange rates. [Charles Engel ; Kenneth David West] |
Author: Engel, Charles | West, Kenneth David |
Series Title: Working paper series / European Central Bank ; 248 |
Publisher: European Central Bank |
Year: 2003 |
Language: en |
Ressource: Einzelne Arbeitspapiere, Preprints |
Keyword: G-7 countriesMoney supplyMonetary PolicyAggregate ProductionInflation rateMacroeconomic effectRandom walkRational expectations TheoryExchange rateInterest Rate |
Subject: Economic and growth policiesCurrency. Monetary policy |
Countries Scheme: Global Resources |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int) |
Title: Policy-induced energy technological innovation and finance for low-carbon economic growth |
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Author: Mercure, Jean-Francois | Knobloch, Florian | Pollitt, Hector |
Contributer: Radboud Universiteit Nijmegen, Nimwegen | National Technical University of Athens | Trinomics B.V. | Cambridge Econometrics Limited, Cambridge |
Publisher: Europäische Kommission / Generaldirektion Energie |
Year: 2016 |
ISBN / ISSN / Kat.Nr: ENER/A4/2015-436/SER/S12.716128 |
Language: en |
Ressource: Einzelne Berichte, Studien |
Keyword: Energy technologyFinancingMacroeconomic effectEnvironmental DegradationEconomic Growth |
Subject: Economic development. Economic growthEnergy policy. Power generationPollution control. Environmental technology |
Countries Scheme: Europe. General Resources |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu) |
Title: EU energy trends and macroeconomic performance |
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Author: Barker, Anthony | Billington, Sophie | Clark, Mory |
Contributer: E Modelling | Cambridge Econometrics Limited, Cambridge |
Publisher: Europäische Kommission / Generaldirektion Energie |
Year: 2016 |
ISBN / ISSN / Kat.Nr: ENER/A4/2015-436/SER/S12.716128 |
Language: en |
Ressource: Einzelne Berichte, Studien |
Keyword: Energy marketMacroeconomic effect |
Subject: EnergyEnergy policy. Power generation |
Countries Scheme: Europe. General Resources |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Kommission (http://europa.eu) |
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