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| Tekijä: | Obstfeld, M. Rogoff, K. |
| Otsikko: | New directions for stochastic open economy models |
| Lehti: | Journal of International Economics
2000 : FEB, VOL. 50:1, p. 117-153 |
| Asiasana: | Macroeconomic models Econometric models Currency markets Financial risk International economics |
| Kieli: | eng |
| Tiivistelmä: | This paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. It shows that observed correlations between terms of trade and exchange rates are more consistent with traditional assumptions about nominal rigidities than with a popular alternative based on local pricing. |
SCIMA