Exchange Rates and Oil Prices
Robert A. Amano
Bank of Canada & CREFE
Simon Van Norden
HEC Montreal - Department of Finance
The authors document a robust and interesting relationship between the real domestic price of oil and real effective exchange rates for Germany, Japan and the United States. They explain why they think the real oil price captures exogenous terms-of-trade shocks and why such shocks could be the most important factor determining real exchange rates in the long run.
Number of Pages in PDF File: 37
JEL Classification: F4, F3, E1working papers series
Date posted: December 20, 1995
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