Money and Exchange Rates in the Grossman-Weiss-Rotemberg Model
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NBER Working Paper No. 5678
Issued in July 1996
NBER Program(s): IFM
We examine the impact of monetary injections in the Grossman-Weiss-Rotemberg Model and show that monetary shocks can lead to nominal exchange rates that are more volatile than inflation, money growth or interest rate differentials. Moreover, movements in real exchange rates following monetary injections can be persistent and nearly as large as movements in nominal exchange rates nominal exchange rates.
Published: Journal of Monetary Economics, Vol. 40, no. 3 (1997): 619-640.
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