MacDonald, R. and Taylor, M. P. (1991) The monetary approach to the exchange rate. Economics Letters, 37(2), pp. 179-185. (doi: 10.1016/0165-1765(91)90128-8)
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Abstract
In this paper the monetary approach to the exchange rate is re-examined for three key currencies, using data for the recent experience with flexible exchange rates. Two important findings are reported in the paper. First, it is demonstrated, using a multivariate cointegration technique, that an unrestricted monetary model is a valid framework for analysing the long run exchange rate. Second, we find, inter alia, that the proportionality of the exchange rate to relative money supplies is valid for the German mark.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | MacDonald, Professor Ronald |
| Authors: | MacDonald, R., and Taylor, M. P. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | Economics Letters |
| Publisher: | Elsevier |
| ISSN: | 0165-1765 |
| ISSN (Online): | 1873-7374 |
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