haku: @author McGrattan, E. R. / yhteensä: 3
viite: 2 / 3
| Tekijä: | Chari, V. V. Kehoe, P. J. McGrattan, E. R. |
| Otsikko: | Can sticky price models generate volatile and persistent real exchange rates? |
| Lehti: | Review of Economic Studies
2002 : JUL, VOL. 69:3(240), p. 533-563 |
| Asiasana: | Prices Exchange rates Econometric models |
| Kieli: | eng |
| Tiivistelmä: | The authors quantify the popular story for real exchange rate fluctuations: the are generated by monetary shocks interacting with sticky goods prices. If prices are held fixed for at least one year, risk aversion is high, and preferences are separable in leisure, then real exchange rates generated by the model are as volatile as in the data and quite persistent, but less than in the data. The main discrepancy between the model and the data, the consumption-real exchange rate anomaly, is that the model generates a high correlation between real exchange rates and the ratio of consumption across countries, while the data show no clear pattern between these variables. |
SCIMA