International Macroeconomics by Emmanuel Pikoulakis (auth.)

By Emmanuel Pikoulakis (auth.)

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1) where P and p* denote the domestic and the foreign price levels expressed in domestic and foreign currency, respectively, and where E denotes the price of foreign currency in units of domestic currency. 2) where p = the logarithm of P. p* = the logarithm of P*. e = the logarithm of E. Pd =the price differential p - p*. 3) where m, m* = the logarithm of the stock of the domestic and the foreign money, respectively. y, y* = the logarithm of the domestic and the foreign product, respectively. r, r* the domestic and the foreign nominal interest rate, respectively.

2) where p = the logarithm of P. p* = the logarithm of P*. e = the logarithm of E. Pd =the price differential p - p*. 3) where m, m* = the logarithm of the stock of the domestic and the foreign money, respectively. y, y* = the logarithm of the domestic and the foreign product, respectively. r, r* the domestic and the foreign nominal interest rate, respectively. 4) where md == m - m* : the (nominal) money differential. Yd == Y- y* : the output differential. rd == r - r* : the nominal interest rate differential.

Notice that the coefficients of m - m* and of y - y* have the dimensions of an elasticity whereas the coefficient of r - r* has the dimensions of a semi-elasticity. Finally the attention of the reader is drawn to the strong predictions of this approach which are at variance with predictions about the behaviour of the exchange rate that stem from approaches which emphasise 'flow' variables and which take the exchange rate to reflect, primarily, the relative price of commodities. 41) and several versions of it have been used to test, empirically, the monetary approach to the exchange rate.

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