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The impact of foreign interest rates on the economy : the role of the exchange rate regime

Author: Julian Di Giovanni; Jay C Shambaugh; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2007.
Series: Working paper series (National Bureau of Economic Research), no. 13467.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
It is often argued that many economies are affected by conditions in foreign countries. 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 foreign 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  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Julian Di Giovanni; Jay C Shambaugh; National Bureau of Economic Research.
OCLC Number: 174112526
Description: 1 online resource (1 v.)
Series Title: Working paper series (National Bureau of Economic Research), no. 13467.
Responsibility: Julian di Giovanni, Jay C. Shambaugh.

Abstract:

It is often argued that many economies are affected by conditions in foreign countries. 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 foreign 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 major-country interest rates affect other economies. The effect of foreign interest rates on domestic interest rates is the most likely channel when compared with other possibilities, such as a trade effect.

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