Effective Exchange Rates and Monetary Policy: The Thai Experience

Piti Disyatat, Runchana Pongsaparn and Atchana Waiquamdee
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Runchana Pongsaparn: Bank of Thailand
Atchana Waiquamdee: Bank of Thailand

No 2005-07, Working Papers from Monetary Policy Group, Bank of Thailand

Abstract: This paper aims to outline the role that effective exchange rates, both real and nominal, play in Thailand’s monetary policy framework. It discusses some of the applications that effective exchange rates have been applied to in practice, highlighting some of the limitations that often arise. Finally, the paper touches on many of the key issues that have to be considered in determining how exchange rate developments should be taken into account in formulating the appropriate stance of monetary policy. In this regard, some evidence on the importance of exchange rate fluctuations for macroeconomic variables and its role in the monetary transmission mechanism in Thailand are presented.

Pages: 18 pages
Date: 2005-05
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Citations: View citations in EconPapers (2)

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