In Search of Dominant Drivers of the Real Exchange Rate
研究了七国集团国家商业周期频率下宏观总量和实际汇率的主要驱动因素，发现实际汇率的主导驱动因素与商业周期的主要驱动因素正交，导致无抛补利率平价显著偏离，但对净出口影响较小。
Abstract We uncover the major drivers of macro aggregates and the real exchange rate at business cycle frequencies in Group of Seven countries. The estimated drivers of key macro variables resemble each other and account for a modest fraction of the real exchange rate variances. Dominant drivers of the real exchange rate are orthogonal to the main drivers of business cycles, generate a significant deviation of the uncovered interest parity condition, and lead to small movements in net exports. We use these facts to evaluate international business cycle models accounting for the dynamics of both macro aggregates and the real exchange rate.