Monetary policy and the sterling exchange rate

    Research output: Contribution to journalEditorial

    Abstract

    This article introduces the three contributions to the Feature, which address issues raised by the sterling appreciation of 1996-97 and the subsequent prolonged overvaluation. Cobham discusses the MPC's understanding of exchange rate changes and examines policy makers'responses to the proposal that policy should respond to exchange rate misalignments. Kirsanova, Leith and Wren-Lewis construct a 'new open economy macroeconomics'model with international risk sharing shocks, in which the welfare function derived includes a term in the 'terms of trade gap'. Allsopp, Kara and Nelson investigate the exchange rate-prices pass-through and how imports should be modelled, and draw out the policy implications. © 2006 Royal Economic Society.

    Original languageEnglish
    Pages (from-to)F181-F184
    JournalEconomic Journal
    Volume116
    Issue number512
    DOIs
    Publication statusPublished - Jun 2006

    Fingerprint

    Exchange rates
    Monetary policy
    International risk sharing
    Pass-through
    Overvaluation
    New open economy macroeconomics
    Policy implications
    Economics
    Terms of trade
    Welfare function
    Macroeconomic models
    Politicians
    Misalignment
    Import

    Cite this

    Cobham, David. / Monetary policy and the sterling exchange rate. In: Economic Journal. 2006 ; Vol. 116, No. 512. pp. F181-F184.
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    Monetary policy and the sterling exchange rate. / Cobham, David.

    In: Economic Journal, Vol. 116, No. 512, 06.2006, p. F181-F184.

    Research output: Contribution to journalEditorial

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