Artikel
A Comparison of Two Alternative Monetary Approaches to Exchange Rate Determination over the Long-Run
The aim of this paper is to compare the conventional monetary model of the exchange rate with an alternative model, which incorporates a stock price measure and is based on Friedman?s money demand function. These models are then compared using data from the UK, Canada and the USA, applying the Autoregressive Distributed Lag (ARDL) Bounds testing approach and the Phillips-Hansen approaches to cointegration. Although the results from the conventional monetary model are poor, the version which includes stock prices produces evidence of a long-run relationship, which has more appropriate long-run coefficients than the conventional model.
- Language
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Englisch
- Bibliographic citation
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Journal: International Econometric Review (IER) ; ISSN: 1308-8815 ; Volume: 1 ; Year: 2009 ; Issue: 2 ; Pages: 63-76 ; Ankara: Econometric Research Association (ERA)
- Classification
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Wirtschaft
International Finance: General
Financial Markets and the Macroeconomy
- Subject
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Exchange Rate
Stock Price
ARDL
Cointegration
- Event
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Geistige Schöpfung
- (who)
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Morley, Bruce
- Event
-
Veröffentlichung
- (who)
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Econometric Research Association (ERA)
- (where)
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Ankara
- (when)
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2009
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Morley, Bruce
- Econometric Research Association (ERA)
Time of origin
- 2009
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