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dc.contributor.authorMelander, Olaen
dc.date.accessioned2012-02-15-
dc.date.accessioned2012-03-28T13:10:32Z-
dc.date.available2012-03-28T13:10:32Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/56333-
dc.description.abstractThis paper studies the effects of real exchange rate depreciation in an economy with extreme liability dollarization using vector autoregression (VAR) methods. Bolivia's extreme liability dollarization makes it an interesting case for empirical testing of the contractionary-depreciations hypothesis. In contrast to the previous contractionary-depreciations literature, the paper uses identification assumptions which are inspired by modern macroeconomic theory and common in the empirical VAR literature on the effects of monetary policy. I find that a real exchange rate depreciation has negligible effects on output, since a contractionary balance-sheet effect on investment is counteracted by the standard expansionary effect on net exports. Furthermore, I find that a real depreciation has inflationary effects. A key finding is that the identification assumptions used in this paper gives more reasonable results than alternative assumptions used in the previous literature.en
dc.language.isoengen
dc.publisher|aStockholm School of Economics, The Economic Research Institute (EFI) |cStockholmen
dc.relation.ispartofseries|aSSE/EFI Working Paper Series in Economics and Finance |x715en
dc.subject.jelE44en
dc.subject.jelF41en
dc.subject.jelG15en
dc.subject.ddc330en
dc.subject.keywordReal exchange rateen
dc.subject.keywordVARen
dc.subject.keywordliability dollarizationen
dc.subject.keywordbalance sheet effectsen
dc.subject.keywordcontractionary depreciationen
dc.subject.stwKaufkraftparitäten
dc.subject.stwVAR-Modellen
dc.subject.stwWährungssubstitutionen
dc.subject.stwZahlungsbilanzen
dc.subject.stwNeue Makroökonomik offener Volkswirtschaftenen
dc.subject.stwBolivienen
dc.titleThe effects of real exchange rate shocks in an economy with extreme liability dollarization-
dc.typeWorking Paperen
dc.identifier.ppn598213716en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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