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CFS Working Paper Series, Universität Frankfurt a. M. >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/25557
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| Title: | | How do fiscal and technology shocks affect real exchange rates? New evidence for the United States  |
| Authors: | | Enders, Zeno Müller, Gernot J. Scholl, Almuth |
| Issue Date: | | 2008 |
| Series/Report no.: | | CFS Working Paper 2008/22 |
| Abstract: | | Using vector autoregressions on U.S. time series relative to an aggregate of industrialized countries, this paper provides new evidence on the dynamic effects of government spending and technology shocks on the real exchange rate and the terms of trade. To achieve identification, we derive robust restrictions on the sign of several impulse responses from a two-country general equilibrium model. We find that both the real exchange rate and the terms of trade whose responses are left unrestricted depreciate in response to expansionary government spending shocks and appreciate in response to positive technology shocks. |
| Subjects: | | Real Exchange Rate Terms of Trade International Transmission Mechanism Government Spending Shocks Technology Shocks VAR Sign Restrictions |
| JEL: | | F41 F42 E32 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CFS Working Paper Series, Universität Frankfurt a. M.
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