This chapter surveys recent theoretical and empirical contributions on foreign exchange rate
determination. The chapter first examines monetary models under uncovered interest parity …

This paper examines optimal monetary policy in an open-economy two-country world with
sticky prices under pricing to market. We show that currency misalignments are inefficient …

Data for OECD countries document: 1. imports and exports are about three times as volatile
as GDP; 2. imports and exports are pro-cyclical, and positively correlated with each other; 3 …

Based on panel data of 26 manufacturing industries in China from 2000 to 2010, this paper
investigates the impact of exchange rate changes on export sophistication. Utilizing a fixed …

Both empirical evidence and theoretical discussion have long emphasized the impact of"
news" on exchange rates. In most exchange rate models, the exchange rate acts as an asset …

The failure of uncovered interest rate parity (UIP) is a well-known phenomenon of the last
thirty years. UIP failure is more prominent in advanced economies than in emerging market …

We investigate the difficulties of the canonical open New Keynesian model to i) reproduce
the observed exchange rate pass-through disconnect, ie a pass-through high for import …

经济效率的改善和增进依赖于创新投入及其带来的创新能力的增强, 创新是决定经济发展的关键
因素. 本文基于人民币汇率制度改革, 研究汇率变动对企业创新的影响, 尝试从微观层面揭示汇率 …

This paper proposes a framework to explain the “exchange rate disconnect puzzle”. Two
types of foreign exchange traders, rational traders and noise traders are introduced into a …

This paper shows that the pricing behavior of exporting firms exhibits a “forward‐looking”
nature with sticky prices. As a result, the expectations of future exchange rates affect current …