Journalartikel

Jahr der Veröffentlichung: 1999

Seiten: 835-851

Zeitschrift: Journal of International Money and Finance

Bandnummer: 18

Heftnummer: 6

ISSN: 0261-5606

DOI Link: https://doi.org/10.1016/S0261-5606(99)00036-4

Verlag: Elsevier

Abstract: 
In a recent paper, McCallum argued that monetary-policy behavior can be responsible for the apparent empirical failure of uncovered interest parity (UIP). The present paper investigates whether optimizing policy behavior can account for the observed regime-dependence of UIP evidence. The main result is that the tradeoff between interest-rate and exchange-rate stability is a potential candidate for the explanation of the apparent failure of UIP and that the consideration of policy reactions can explain why deviations from UIP differ systematically by the exchange-rate regime. (C) 1999 Elsevier Science Ltd. All rights reserved.

Harvard-Zitierstil: Anker, P. (1999) Uncovered interest parity, monetary policy and time-varying risk premia, Journal of International Money and Finance, 18(6), pp. 835-851. https://doi.org/10.1016/S0261-5606(99)00036-4

APA-Zitierstil: Anker, P. (1999). Uncovered interest parity, monetary policy and time-varying risk premia. Journal of International Money and Finance. 18(6), 835-851. https://doi.org/10.1016/S0261-5606(99)00036-4