演講者簡介 : Professor Chen received her Ph.D. in Economics from Harvard University in 2002. She is currently an Associate Professor at Department of Economics, University of Washington. Her research fields are International Finance, Macroeconomics, and International Trade.
演講摘要 : The “commodity currency” literature highlights the robust exchange rate response to fluctuations in world commodity prices that occurs for major commodity exporters. The magnitude of this response, however, varies widely among countries. Our empirical analysis finds that, in accordance with theory, the long-run relationship between the real exchange rate and commodity prices depends on the nation’s export market structure, its monetary policy choices and its degree of trade and financial openness. We also show that, in the short-run, the commodity price-exchange rate connection is much weaker for our large set of economies than has been observed in prior literature based on a small set of advanced economies. Given concerns for the Dutch disease or resource curse that operate through the real exchange rate, our findings are of particular relevance for monetary policy-making and for globalization strategy in commodity-exporting developing economies.
