The Impact of Foreign Interest Rateson the Economy : The Role of the Exchange Rate Regime /

This paper explores the connection between interest rates in major industrial countries and annual real output growth in other countries. The results show that high large-country interest rates have a contractionary effect on annual real GDP growth in the domestic economy, but that this effect is ce...

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Hlavní autor: Di Giovanni, Julian
Další autoři: Shambaugh, Jay
Médium: Časopis
Jazyk:English
Vydáno: Washington, D.C. : International Monetary Fund, 2006.
Edice:IMF Working Papers; Working Paper ; No. 2006/037
On-line přístup:Full text available on IMF
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100 1 |a Di Giovanni, Julian. 
245 1 4 |a The Impact of Foreign Interest Rateson the Economy :   |b The Role of the Exchange Rate Regime /  |c Julian Di Giovanni, Jay Shambaugh. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2006. 
300 |a 1 online resource (46 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper explores the connection between interest rates in major industrial countries and annual real output growth in other countries. The results show that high large-country interest rates have a contractionary effect on annual real GDP growth in the domestic economy, but that this effect is centered on countries with fixed exchange rates. The paper then examines the potential channels through which large-country interest rates affect small economies. The direct monetary policy channel is the most likely channel when compared with other possibilities, such as a general capital market effect or a trade effect. 
538 |a Mode of access: Internet 
700 1 |a Shambaugh, Jay. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2006/037 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2006/037/001.2006.issue-037-en.xml  |z IMF e-Library