MARC Record from Scriblio

LEADER: 02239cam 22003137a 4500
001 2005617013
003 DLC
005 20050304114355.0
007 cr |||||||||||
008 050301s2002 nyu sb f000 0 eng
010 $a 2005617013
040 $aDLC$cDLC
043 $ad------
050 00 $aHB1
100 1 $aBroda, Christian M.$q(Christian Miguel),$d1975-
245 10 $aTerms of trade and exchange rate regimes in developing countries$h[electronic resource] /$cChristian Broda.
260 $a[New York, N.Y.] :$bFederal Reserve Bank of New York,$c[2002]
490 1 $aStaff reports ;$vno. 148
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 3/1/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"Since Friedman (1953), an advantage often attributed to flexible exchange rate regimes over fixed regimes is their ability to insulate more effectively the economy against real shocks. I use a post-Bretton Woods sample (1973-96) of seventy-five developing countries to assess whether the responses of real GDP, real exchange rates, and prices to terms-of-trade shocks differ systematically across exchange rate regimes. I find that responses are significantly different across regimes in a way that supports Friedman's hypothesis. In response to a negative terms-of-trade shock, countries with fixed regimes experience large and significant declines in real GDP, and the real exchange rate depreciates slowly and by means of a fall in prices. Countries with more flexible regimes, by contrast, tend to have small real GDP losses and immediate large real depreciations. The contributions of terms-of-trade disturbances to the actual fluctuation of real GDP, real exchange rates, and prices are also examined"--Federal Reserve Bank of New York web site.
650 0 $aTerms of trade$zDeveloping countries.
650 0 $aForeign exchange rates$zDeveloping countries.
710 2 $aFederal Reserve Bank of New York.
830 0 $aStaff reports (Federal Reserve Bank of New York : Online) ;$vno. 148.
856 40 $uhttp://www.ny.frb.org/research/staff_reports/sr148.html