| monetary supply growth | unexpectedly restricted |
| interest rates | up |
| foreign interest rates | (regarded as) constant in this case |
| home country's interest rate differential | increase |
| home country's currency value | increase |
| quantity of the home country's currency traded | unchanged (*) |
| volatility of home country's currency values | quite high |
(*) This is because the supply of the home country currency is decreasing (the supply curve shifts up and to the left) and the demand for the home country currency is increasing (the demand curve shifts up and to the right), resulting in a higher exchange rate with quantity unchanged.
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