haku: @journal_id 24 / yhteensä: 1349
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Tekijä:Buffie, E.F.
Atolia, M.
Otsikko:Exchange-rate-based stabilisation, durables consumption and the stylised facts
Lehti:Economic Journal
2011 : SEP, VOL. 121:555, p. 1130-1160
Asiasana:exchange rates
consumer durables
consumption
interest rates
mathematical models
assets
Kieli:eng
Tiivistelmä:This study shows that a model featuring durable consumer goods, imperfectly substitutable domestic and foreign assets, and poor credibility can explain the qualitative and quantitative aspects of the stylised facts attributed with exchange-rate-based stabilisation, including the huge increase in real interest rates. Following a temporary reduction in the crawl, total consumption spending increases 14-26%, the real exchange rate appreciates 20-37% and the current account deficit climbs to 10-15% of gross domestic product. Regardless of large capital inflows, the real interest rate rises from 10 to 20-100%.
SCIMA tietueen numero: 275945
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