{"id":"https://openalex.org/W2139772886","doi":"https://doi.org/10.3386/w4517","title":"Short-Run Independence of Monetary Policy Under Pegged Exchange Rates and Effects of Money on Exchange Rates and Interest Rates","display_name":"Short-Run Independence of Monetary Policy Under Pegged Exchange Rates and Effects of Money on Exchange Rates and Interest Rates","publication_year":1993,"publication_date":"1993-11-01","ids":{"openalex":"https://openalex.org/W2139772886","doi":"https://doi.org/10.3386/w4517","mag":"2139772886"},"language":"en","primary_location":{"id":"doi:10.3386/w4517","doi":"https://doi.org/10.3386/w4517","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w4517","pdf_url":"https://doi.org/10.3386/w4517","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w4517","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5014244774","display_name":"Alan C. Stockman","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I5388228","display_name":"University of Rochester","ror":"https://ror.org/022kthw22","country_code":"US","type":"education","lineage":["https://openalex.org/I5388228"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Alan Stockman","raw_affiliation_strings":["Department of Economics Department of Economics University of Rochester University of Pennsylvania Rochester , NY 14627 Philadelphia , PA 19104","National Bureau of Economic Research (NBER)","University of Rochester - Department of Economics"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics Department of Economics University of Rochester University of Pennsylvania Rochester , NY 14627 Philadelphia , PA 19104","institution_ids":["https://openalex.org/I5388228"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of Rochester - Department of Economics","institution_ids":["https://openalex.org/I5388228"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5040368490","display_name":"Lee E. Ohanian","orcid":"https://orcid.org/0000-0002-1190-4182","observed_orcids":["https://orcid.org/0000-0002-1190-4182"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I161318765","display_name":"University of California, Los Angeles","ror":"https://ror.org/046rm7j60","country_code":"US","type":"education","lineage":["https://openalex.org/I161318765"]},{"id":"https://openalex.org/I5388228","display_name":"University of Rochester","ror":"https://ror.org/022kthw22","country_code":"US","type":"education","lineage":["https://openalex.org/I5388228"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Lee Ohanian","raw_affiliation_strings":["Department of Economics Department of Economics University of Rochester University of Pennsylvania Rochester , NY 14627 Philadelphia , PA 19104","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","National Bureau of Economic Research (NBER)","University of California, Los Angeles (UCLA) - Department of Economics"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics Department of Economics University of Rochester University of Pennsylvania Rochester , NY 14627 Philadelphia , PA 19104","institution_ids":["https://openalex.org/I5388228"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge , MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"University of California, Los Angeles (UCLA) - Department of Economics","institution_ids":["https://openalex.org/I161318765"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":27,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.989300012588501,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.989300012588501,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.00989999994635582,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.000699999975040555,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/monetary-policy-independence","display_name":"monetary policy independence","score":0.9520000219345093},{"id":"https://openalex.org/keywords/fixed-exchange-rates","display_name":"fixed exchange rates","score":0.8679999709129333},{"id":"https://openalex.org/keywords/money-supply-shocks","display_name":"money supply shocks","score":0.9110000133514404},{"id":"https://openalex.org/keywords/liquidity-effect","display_name":"liquidity effect","score":0.9869999885559082},{"id":"https://openalex.org/keywords/exchange-rates","display_name":"exchange rates","score":0.6269999742507935},{"id":"https://openalex.org/keywords/interest-rates","display_name":"interest rates","score":0.8289999961853027},{"id":"https://openalex.org/keywords/real-interest-rate-differentials","display_name":"real interest rate differentials","score":0.7580000162124634},{"id":"https://openalex.org/keywords/two-country-model","display_name":"two-country model","score":0.7319999933242798},{"id":"https://openalex.org/keywords/nonlinearity","display_name":"nonlinearity","score":0.5590000152587891}],"concepts":[{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.7354297637939453},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7195554971694946},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.6720002889633179},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.6221504211425781},{"id":"https://openalex.org/C35651441","wikidata":"https://www.wikidata.org/wiki/Q625303","display_name":"Independence (probability theory)","level":2,"score":0.5986163020133972},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.5310419201850891},{"id":"https://openalex.org/C82843974","wikidata":"https://www.wikidata.org/wiki/Q205231","display_name":"Interest rate parity","level":3,"score":0.4565010964870453},{"id":"https://openalex.org/C136236421","wikidata":"https://www.wikidata.org/wiki/Q361213","display_name":"International Fisher effect","level":5,"score":0.42302387952804565},{"id":"https://openalex.org/C113679137","wikidata":"https://www.wikidata.org/wiki/Q10495747","display_name":"Fisher hypothesis","level":4,"score":0.337968111038208},{"id":"https://openalex.org/C154815372","wikidata":"https://www.wikidata.org/wiki/Q1140421","display_name":"Real interest rate","level":3,"score":0.15825486183166504},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3386/w4517","doi":"https://doi.org/10.3386/w4517","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w4517","pdf_url":"https://doi.org/10.3386/w4517","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:nbr:nberwo:4517","doi":null,"is_oa":true,"landing_page_url":"http://www.nber.org/papers/w4517.pdf","pdf_url":"http://www.nber.org/papers/w4517.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:2139772886","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/nber_w4517.pdf?abstractid=307866&type=2","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null}],"best_oa_location":{"id":"doi:10.3386/w4517","doi":"https://doi.org/10.3386/w4517","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w4517","pdf_url":"https://doi.org/10.3386/w4517","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2139772886.pdf","grobid_xml":"https://content.openalex.org/works/W2139772886.grobid-xml"},"referenced_works_count":25,"referenced_works":["https://openalex.org/W182374894","https://openalex.org/W1493130858","https://openalex.org/W1496783237","https://openalex.org/W1540390028","https://openalex.org/W1544671756","https://openalex.org/W1561627119","https://openalex.org/W1564595839","https://openalex.org/W1989102792","https://openalex.org/W2000113523","https://openalex.org/W2017341701","https://openalex.org/W2024699330","https://openalex.org/W2025483505","https://openalex.org/W2034978367","https://openalex.org/W2060513297","https://openalex.org/W2072028247","https://openalex.org/W2074231424","https://openalex.org/W2088599227","https://openalex.org/W2112046188","https://openalex.org/W2137873244","https://openalex.org/W2155663488","https://openalex.org/W2171545261","https://openalex.org/W3022138093","https://openalex.org/W3123449864","https://openalex.org/W3124713517","https://openalex.org/W3124955107"],"related_works":["https://openalex.org/W7095654271","https://openalex.org/W2064457295","https://openalex.org/W2084772995","https://openalex.org/W2002478086","https://openalex.org/W2155441609","https://openalex.org/W7096765112","https://openalex.org/W2321968722","https://openalex.org/W7098516081","https://openalex.org/W2277783143","https://openalex.org/W2043724132"],"abstract_inverted_index":{"Economists":[0],"generally":[1],"assert":[2,20],"that":[3,21,91,123],"countries":[4,82,124],"sacrifice":[5],"monetary":[6,32,132],"independence":[7,30,130],"when":[8],"they":[9],"peg":[10],"their":[11],"exchange":[12,24,42,137],"rates.At":[13],"the":[14,29,36,58,65,120],"same":[15],"time,":[16],"central":[17],"bankers":[18],"frequently":[19],"pegging":[22],"an":[23,49],"rate":[25],"does":[26],"not":[27,99],"eliminate":[28],"of":[31,38,57,119,128,131],"policy.This":[33],"paper":[34],"examines":[35],"effects":[37,77,93],"money-supply":[39],"changes":[40],"on":[41],"rates,":[43,45],"interest":[44],"and":[46,68,80,83,97],"production":[47],"in":[48,53,64],"optimizing":[50],"two-country":[51],"model":[52,89,121],"which":[54],"some":[55],"sectors":[56,70],"economy":[59],"have":[60,71,75,125],"predetermined":[61],"nominal":[62],"prices":[63],"short":[66],"run":[67],"other":[69],"flexible":[72],"prices.Money-supply":[73],"shocks":[74],"liquidity":[76,92],"both":[78],"within":[79],"across":[81],"induce":[84],"a":[85,113,126],"cross-country":[86],"real-interest":[87],"differential.The":[88],"predicts":[90],"are":[94,98],"highly":[95],"non-linear":[96],"likely":[100],"to":[101],"be":[102],"captured":[103],"well":[104],"empirically":[105],"by":[106],"linear":[107],"models,":[108],"particularly":[109],"those":[110],"involving":[111],"only":[112],"single":[114],"country.The":[115],"most":[116],"striking":[117],"implication":[118],"is":[122],"degree":[127],"short-run":[129],"policy":[133],"even":[134],"under":[135],"pegged":[136],"rates.":[138]},"counts_by_year":[{"year":2022,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":2}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}
