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Is the Exchange Rate a Shock Absorber? The Case of Sweden (EPub)
Mr. Alun H. Thomas
Limited preview - 1997
aggregate demand aggregate supply asymmetric shocks Bayoumi and Thomas Clarida and Gali core EMU countries cost of relinquishing covariance matrix demand and nominal Demand shock Nominal demand shocks account effect on relative error variance decompositions exchange rate movements explanatory variables forecast error variance fraction of real identifying assumptions Identifying Restrictions Relative identity matrix impulse responses instrument of macroeconomic long-run effect matrix MF model Mundell-Flemming model Netherlands null hypothesis number of core output and nominal panel shows permanent effects real demand shocks real exchange rate real shocks account relative CPIs relative government consumption relative price level relinquishing the exchange Restrictions Relative output shock absorber shock Nominal shock shocks and nominal shocks have permanent shocks in Sweden shows that supply significantly higher fraction single currency Staff estimates structural shocks supply and nominal supply shocks account Swedish data Swedish krona temporary effect test statistics Unit Root variable VAR system vector of structural