Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting: The Case of France
This paper examines monetary transmission in France using the vector autoregression methodology. Interest rates are decomposed into external and domestic components, and a nonrecursive contemporaneous structure is used to identify the system. Innovations in the external component are found to have a...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
1997
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Schriftenreihe: | IMF Working Papers
Working Paper No. 97/44 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This paper examines monetary transmission in France using the vector autoregression methodology. Interest rates are decomposed into external and domestic components, and a nonrecursive contemporaneous structure is used to identify the system. Innovations in the external component are found to have a significant impact on economic activity, while innovations in the domestic premium have a statistically negligible effect, suggesting that interest rate hikes in defense of the franc may have had a smaller impact on the economy than usually thought. The paper also discusses some implications of Economic and Monetary Union and provides evidence concerning the importance of the credit channel in France |
Beschreibung: | 1 Online-Ressource (38 p) |
ISBN: | 1451974752 9781451974751 |
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spelling | Levy, Joaquim Vieira Ferreira Verfasser aut Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting The Case of France Levy, Joaquim Vieira Ferreira Washington, D.C International Monetary Fund 1997 1 Online-Ressource (38 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 97/44 This paper examines monetary transmission in France using the vector autoregression methodology. Interest rates are decomposed into external and domestic components, and a nonrecursive contemporaneous structure is used to identify the system. Innovations in the external component are found to have a significant impact on economic activity, while innovations in the domestic premium have a statistically negligible effect, suggesting that interest rate hikes in defense of the franc may have had a smaller impact on the economy than usually thought. The paper also discusses some implications of Economic and Monetary Union and provides evidence concerning the importance of the credit channel in France Online-Ausg Halikias, Ioannis Sonstige oth http://elibrary.imf.org/view/IMF001/00427-9781451974751/00427-9781451974751/00427-9781451974751.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Levy, Joaquim Vieira Ferreira Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting The Case of France |
title | Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting The Case of France |
title_auth | Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting The Case of France |
title_exact_search | Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting The Case of France |
title_exact_search_txtP | Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting The Case of France |
title_full | Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting The Case of France Levy, Joaquim Vieira Ferreira |
title_fullStr | Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting The Case of France Levy, Joaquim Vieira Ferreira |
title_full_unstemmed | Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting The Case of France Levy, Joaquim Vieira Ferreira |
title_short | Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting |
title_sort | aspects of the monetary transmission mechanism under exchange rate targeting the case of france |
title_sub | The Case of France |
url | http://elibrary.imf.org/view/IMF001/00427-9781451974751/00427-9781451974751/00427-9781451974751.xml |
work_keys_str_mv | AT levyjoaquimvieiraferreira aspectsofthemonetarytransmissionmechanismunderexchangeratetargetingthecaseoffrance AT halikiasioannis aspectsofthemonetarytransmissionmechanismunderexchangeratetargetingthecaseoffrance |