Exchange Rates and Prices: An Empirical Analysis
用一个半结构模型研究汇率对国内价格的影响，发现G7国家中汇率对价格水平影响较小，英国影响最大，美国、加拿大次之，且对生产者价格指数影响最强。
The effects of exchange rates on domestic prices are investigated in the context of a semistructural model of exchange rate determination in which both exchange rates and prices are determined endogenously. The author assumes, and imposes for the estimation, that the exchange rate is cointegrated with its 'fundamentals.' The central result of the paper is that exchange rates have relatively small effects on national price levels for the G7 countries. The effects are largest for the United Kingdom, followed by the United States and Canada. They are strongest when prices are measured by the producer price index. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.