摘要：This paper re-examines empirical exchange rate puzzles by focusing on three OECD economies
(Australia, Canada, and New Zealand) where primary commodities constitute a significant share
of their exports. For Australia and New Zealand especially, we find that the U.S. dollar price of
their commodity exports (generally exogenous to these small economies) - has a strong and
stable influence on their floating real rates, with the quantitative magnitude of the effects
consistent with predictions of standard theoretical models. However, after controlling for
commodity price shocks, there is still a PPP puzzle in the residual. Nevertheless, the results here
are relevant to many developing country commodity exporters, as they liberalize their capital
markets and move towards floating exchange rates.
关键词：Exchange Rates; Commodity Prices; Purchasing Power Parity
