Real and nominal exchange rates in the long run
Real and nominal exchange rates in the long run
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长期实际汇率和名义汇率
DOI：
10.1016/0022-1996(90)90052-n
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发表时间：
1990
期刊：
影响因子：
--
通讯作者：
Nelson C. Mark
中科院分区：
文献类型：
--
作者：
Nelson C. Mark
本文使用八个工业化国家在浮动汇率期间的数据，对购买力平价作为一种长期关系的假设进行了计量经济学检验。实证工作通过(i)检验名义汇率和相对价格水平是否协整，（ii）对长期汇率和相对价格水平变化进行脉冲响应分析。为了解释这些数据，凯恩斯模型表明，在估计期间的冲击主要是由于总需求的外生变化，而均衡模型表明，货币因素相对更重要。
This paper reports on econometric tests of the hypothesis that purchasing power parity holds as a long-run relationship using data on eight industrialized countries during the flexible exchange rate period. The empirical work proceeds by (i) testing whether nominal exchange rates and relative price levels are co-integrated and (ii) conducting impulse response analysis of long-run exchange rate and relative price level changes. To explain the data, Keynesian models suggest that shocks during the estimation period were due principally to exogenous shifts in aggregate demand, while equilibrium models suggest that monetary factors have been relatively more important.
影响因子：
6.1
作者：
J. Stock
通讯作者：
J. Stock