Can a real business cycle model without price and wage stickiness explain UK real exchange rate behaviour?

This paper establishes the ability of a Real Business Cycle model to account for UK real exchange rate behaviour. The model is tested by the method of indirect inference, bootstrapping the errors to generate 95% confidence limits for a time-series representation of the real exchange rate, as well as for various key data moments. The results suggest RBC models can explain real exchange rate movements.

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Year of publication:	2010
Authors:	Meenagh, David ; Minford, Patrick ; Nowell, Eric ; Sofat, Prakriti
Published in:	Journal of International Money and Finance. - Elsevier, ISSN 0261-5606. - Vol. 29.2010, 6, p. 1131-1150
Publisher:	Elsevier
Keywords:	Real exchange rate Productivity Real business cycle Bootstrap Indirect inference

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008865715