A Cross Country Study of the Relationship Between Discount Rate Changes and Exchange Rate Movements
- 1 November 1980
- journal article
- Published by Board of Governors of the Federal Reserve System in International Finance Discussion Papers
- Vol. 1980.0 (169) , 1-29
- https://doi.org/10.17016/ifdp.1980.169
Abstract
This paper attempts to arrive at some generalization about announcement effects of changes in a country's discount rate on teh foreign exchange value of that country's currency, analyzing the experiences of the United Kingdom, Germany, Japan, Canada and Belgium. In concludes that such announcement effects depend largely on the nature of the discount rate mechanism and how it is used by monetary authorities.Keywords
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