Exchange Rate Dynamics With Sluggish Prices Alternative Price Adjustment Rules
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| Author | : Maurice Obstfeld |
| Publisher | : |
| Total Pages | : 40 |
| Release | : 1983 |
| Genre | : Foreign exchange |
| ISBN | : |
This paper studies exchange rate behavior in models with moving long-run equilibria incorporating alternative price-adjustment mechanisms.The paper demonstrates that price-adjustment rules proposed by Mussa andby Barro and Grossman yield models that are empirically indistinguishable from each other. For speeds of goods-market adjustment that are "too fast," the Barro-Grossman rule appears to induce instability; but we argue that when the ruleis interpreted properly, models incorporating it are dynamically stable regardless of the speed at which disequilibriumis eliminated. The Barro-Grossman pricing scheme is shown to be a natural generalization, to a setting of moving long-run equilibria, of less versatile schemes proposed in earlier literature on exchange rate dynamics.
| Author | : Mr.Bankim Chadha |
| Publisher | : International Monetary Fund |
| Total Pages | : 22 |
| Release | : 1991-01-01 |
| Genre | : Business & Economics |
| ISBN | : 1451842341 |
The random walk property of exchange rates is frequently regarded as carrying strong implications for the kinds of shocks that have driven exchange rates and the models appropriate for analyzing their behavior. This paper conducts stochastic simulations of Dornbusch’s (1976) sticky-price monetary model, calibrated for representative parameter values for the United States. It shows that the model is capable of generating time series for both real and nominal exchange rates that are statistically indistinguishable from random walks when all shocks are nominal.
| Author | : G.M. Grossman |
| Publisher | : Elsevier |
| Total Pages | : 896 |
| Release | : 1997-10-24 |
| Genre | : Business & Economics |
| ISBN | : 0080933459 |
Handbook of International Economics
| Author | : R.W. Jones |
| Publisher | : Elsevier |
| Total Pages | : 640 |
| Release | : 1984 |
| Genre | : Business & Economics |
| ISBN | : 0444867937 |
This Handbook adopts a traditional definition of the subject, and focuses primarily on the explanation of international transactions in goods, services, and assets, and on the main domestic effects of those transactions. The first volume deals with the "real side" of international economics. It is concerned with the explanation of trade and factor flows, with their main effects on goods and factor prices, on the allocation of resources and income distribution and on economic welfare, and also with the effects on national policies designed explicitly to influence trade and factor flows. In other words, it deals chiefly with microeconomic issues and methods. The second volume deals with the "monetary side" of the subject. It is concerned with the balance of payments adjustment process under fixed exchange rates, with exchange rate determination under flexible exchange rates, and with the domestic ramifications of these phenomena. Accordingly, it deals mainly with economic issues, although microeconomic methods are frequently utilized, especially in work on expectations, asset markets, and exchange rate behavior. For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier.nl/locate/hes
| Author | : Willem H. Buiter |
| Publisher | : University of Michigan Press |
| Total Pages | : 392 |
| Release | : 1989 |
| Genre | : Economic development |
| ISBN | : 9780472101382 |
Brings together Buiter's major papers on macroeconomic theory and policy
| Author | : Paul R Masson |
| Publisher | : World Scientific |
| Total Pages | : 428 |
| Release | : 2019-07-23 |
| Genre | : Business & Economics |
| ISBN | : 9811201730 |
This book presents articles that focus on the inter-related issues of choice of exchange rate and monetary policy regimes, and others that use a global macroeconomic model developed by the author and collaborators to quantify the effects of the 'baby boom' on global imbalances, costs of disinflation, and the effects of German unification. The book presents new analysis of the euro-zone experience and its applicability to other monetary unions, as well as a discussion of the prerequisites for successful inflation targeting. It is grounded in real-world data, readily accessible to non-specialists, and addresses important economic policy issues.
| Author | : Mr.Bankim Chadha |
| Publisher | : International Monetary Fund |
| Total Pages | : 31 |
| Release | : 1991-06-01 |
| Genre | : Business & Economics |
| ISBN | : 1451848323 |
This paper decomposes longer-run movements in (major) dollar real exchange rates into components associated with changes in nominal exchange rates and price levels, and their comovements. Though the decompositions suggest some permanent movements, they imply that there are large transitory components in real exchange rates. These transitory components in real exchange rates are found to be closely associated with those in nominal exchange rates. A stochastic version of Dornbusch’s overshooting model—configured with representative parameter values for the United States and subjected to permanent nominal shocks—can rationalize these transitory comovements of nominal and real exchange rates as well as several other features of the decompositions.
| Author | : Ronald Winthrop Jones |
| Publisher | : Elsevier |
| Total Pages | : 896 |
| Release | : 1984 |
| Genre | : Business & Economics |
| ISBN | : 0444828648 |
"This Handbook adopts a traditional definition of the subject, and focuses primarily on the explanation of international transactions in goods, services, and assets, and on the main domestic effects of those transactions. The first volume deals with the "real side" of international economics. It is concerned with the explanation of trade and factor flows, with their main effects on goods and factor prices, on the allocation of resources and income distribution and on economic welfare, and also with the effects on national policies designed explicitly to influence trade and factor flows. In other words, it deals chiefly with microeconomic issues and methods. The second volume deals with the "monetary side" of the subject. It is concerned with the balance of payments adjustment process under fixed exchange rates, with exchange rate determination under flexible exchange rates, and with the domestic ramifications of these phenomena. Accordingly, it deals mainly with economic issues, although microeconomic methods are frequently utilized, especially in work on expectations, asset markets, and exchange rate behavior."--Publisher's information
| Author | : International Monetary Fund. Research Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 250 |
| Release | : 2002-11-04 |
| Genre | : Business & Economics |
| ISBN | : 9781589061231 |
This paper reports for uncovered interest parity (UIP) using daily data for 23 developing and developed countries during the crisis-strewn 1990s. UIP is a classic topic of international finance, a critical building block of most theoretical models, and a dismal empirical failure. UIP states that the interest differential is, on average, equal to the ex post exchange rate change. UIP may work differently for countries in crisis, whose exchange and interest rates both display considerably more volatility. This volatility raises the stakes for financial markets and central banks; it also may provide a more statistically powerful test for the UIP hypothesis. Policy-exploitable deviations from UIP are, therefore, a necessary condition for an interest rate defense. There is a considerable amount of heterogeneity in the results, which differ wildly by country.
| Author | : Yeongseop Rhee |
| Publisher | : |
| Total Pages | : 490 |
| Release | : 1991 |
| Genre | : |
| ISBN | : |
