穆萨之谜:一个概括

ERN: Central Banks - Policies (Topic) Pub Date : 2021-01-08 DOI:10.2139/ssrn.3769398

Cosimo Petracchi

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引用次数: 3

摘要

支持货币非中性的最具说服力的证据之一是穆萨之谜。在穆萨之谜中，布雷顿森林体系(Bretton Woods System)崩溃导致的货币体制断裂，不仅增加了名义汇率的波动性，也增加了实际汇率的波动性。使用涵盖31个欧洲国家从1954年到2019年的数据，我发现穆萨之谜是可推广的:货币制度的任何中断都会改变名义汇率的波动性，也会改变实际汇率的波动性。这进一步证明了货币政策的非中性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Mussa Puzzle: A Generalization

One of the most compelling pieces of evidence for monetary non-neutrality is the Mussa puzzle, in which the break in the monetary regime when the Bretton Woods System broke down increased the volatility of not only the nominal exchange rate but the real exchange rate. Using data covering thirty-one European countries from 1954 to 2019, I find that the Mussa puzzle is generalizable: any break in a monetary regime that changes the volatility of the nominal exchange rate also changes the volatility of the real exchange rate. This provides further evidence of monetary non-neutrality.

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ERN: Central Banks - Policies (Topic)

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