http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
Evidence on the Sectoral Monetary Transmission Process Under a Fixed Exchange Rate Regime
WINSTON R. MOORE,MARLON L. WILLIAMS 한국국제경제학회 2008 International Economic Journal Vol.22 No.3
Traditional macroeconomic models suggest that monetary policy changes are largely ineffective in fixed exchange rate economies. However, Edwards and Végh (1997) present a model that shows this might not be the case, as a tightening in monetary policy raises financial costs faced by firms and therefore lowers real wages and by extension consumption. This paper empirically tests this hypothesis using data on a country with one of the longest running fixed exchange rate regimes (1975-present). The results of the study confirm the theoretical predictions of Edwards and Végh, but they also show that the propagation of nominal shocks in fixed exchange rate systems is comparatively slower than in countries with a more flexible exchange rate regime.