Monetary Policy, Foreign Exchange Policy, and Delayed Overshooting
基于加拿大货币政策与外汇政策的互动，解释了“延迟超调”之谜：外汇政策反应削弱了货币政策冲击对汇率的初始影响，由于货币政策影响更持久，最大效应延迟出现。
This paper provides an explanation for "delayed overshooting" puzzle based on foreign exchange policy's reaction to monetary policy, for Canada in which ample interactions between monetary and foreign exchange policies are found. Foreign exchange policy reaction mitigates the initial effects of monetary policy shocks on the exchange rate. As the effects of the monetary policy shocks are more prolonged than that of the foreign exchange policy reaction, the maximum effect is found in delay.