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Real Exchange Rate Volatility and U.S. Bilateral Trade: A Var Approach
Faik Koray and William D. Lastrapes
The Review of Economics and Statistics
Vol. 71, No. 4 (Nov., 1989), pp. 708-712
Published by: The MIT Press
Stable URL: http://www.jstor.org/stable/1928117
Page Count: 5
You can always find the topics here!Topics: Exchange rates, Real exchange rates, Vector autoregression, International trade, Trade, Fixed interest rates, Economic growth models, Standard deviation, Standard error, Economic statistics
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This paper uses VAR models to investigate the impact of real exchange rate volatility on U.S. bilateral imports from the United Kingdom, France, Germany, Japan and Canada. The VAR systems include U.S. and foreign macro variables, and are estimated separately for each country. The major results suggest that the effect of volatility on imports is weak, although permanent shocks to volatility do have a nega- tive impact on this measure of trade, and those effects are relatively more important over the flexible rate period.
The Review of Economics and Statistics © 1989 The MIT Press