Real Exchange Rate Volatility and U.S. Bilateral Trade: A Var Approach
使用VAR模型研究实际汇率波动对美国从英国、法国、德国、日本和加拿大双边进口的影响，发现波动对进口的影响较弱，但永久性波动冲击有负面效应，且在浮动汇率时期更显著。
This paper uses VAR models to investigate the impact of real exchange rate volatility on U.S. bilateral imports from the United Kingdom, France, Germany, Japan and Canada. The VAR systems include U.S. and foreign macro variables, and are estimated separately for each country. The major results suggest that the effect of volatility on imports is weak, although permanent shocks to volatility do have a negative impact on this measure of trade, and those effects are relatively more important over the flexible rate period. Copyright 1989 by MIT Press.