How does Monetary Policy Respond to Exchange Rate Movements? New International Evidence*
用结构VAR模型分析六个开放经济体中货币政策与汇率的双向互动，发现所有国家货币政策冲击后汇率立即反应，但仅四个国家货币政策对汇率冲击有显著即时回应。
Abstract This article analyzes how monetary policy has responded to exchange rate movements in six open economies, paying particular attention to the two‐way interaction between monetary policy and the exchange rate. We address this issue using a structural VAR model that is identified using a combination of sign and short‐term (zero) restrictions. Doing so we find that, while there is a instantaneous reaction in the exchange rate following a monetary policy shock in all countries, monetary policy responds significantly on impact to an exchange rate shock in only four of the six countries.