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Perfil de Coyuntura Económica

versão On-line ISSN 1657-4214


MONTOYA R., Jaime. Nominal exchange rate: an alternative set of determinants under a model of supply and demand for foreign exchange. Perf. de Coyunt. Econ. [online]. 2013, n.21, pp.63-91. ISSN 1657-4214.

The present work about the nominal exchange rate is based on two previous works which inquire about determinants of the price of currency; the theoretical model is a model of supply and demand of currency following the Keynesian methodology of money demand; thus, both the supply and demand of currency are decomposed in transactional fundamentals and speculative. Tasks developed were: a) Prove that the group of variables used in the previous works holds when the sample is extended, b) Introduce the intervention of the Republic Bank in the market of currency as an explanatory variable, c) estimate models with adjustments of interest rates, although no attempt was made to formulate and empirically test Taylor rules, which contains external rates and a decision rule for the chance of monetary policy position like that based in the comparison of the basic inflation and the objective or the large term inflation of the economy, and d) the estimation of the model for the Chilean economy as a first approach to international studies.

Palavras-chave : Nominal Exchange Rate; Transactional Demand of Currency; Speculative Demand of Currency; Transactional Supply of Currency; Speculative Supply of Currency; Purchases and Sales of Currency; Adjustments of Interest Rates.

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