Scholl, Almuth; Uhlig, Harald - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2005
autoregressions, agnostic identification, forward dis-
count bias puzzle, exchange rate puzzle, exchange rates, monetary policy
JEL … ’exchange rate puzzle’, see
figure 3. In addition, the quantitative effect of monetary policy on exchange
rates is far from … exchange rate puzzle for Germany but not for the
UK.
Figure 15 compares the response of the real exchange rates for the sign …