Short-term movement in exchange rates and information on the money stock.

From: Quarterly Journal of Business and Economics | Date: March 22, 1989| Author: | Copyright information

Short-Term Movement in Exchange Rates and Information on the Money Stock

Abstract This paper provides a monetary model of short-run exchange rates that considers the effects of the relative rates of adjustment in disturbances to money supply demand and money supply on exchange rate response to money supply announcements. Previous studies of exchange rate response to monetary announcements that link these responses to market perceptions of Federal Reserve credibility implicitly assume that the persistence of money demand shocks has not changed over time. If the relative ...

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