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The micro-macro disconnect of purchasing power parity
Bergin, Paul R.; Glick, Reuven; Wu, Jyh-lin - 2010
Persistent link: https://www.econbiz.de/10008650527
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The Micro-Macro Disconnect of Purchasing Power Parity
Bergin, Paul R. - 2009
This paper reconciles the persistence of aggregate real exchange rates with the faster adjustment of international … stylized facts regarding this puzzle. First, adjustment to purchasing power parity deviations in aggregated data is not just a … slower version of adjustment to the law of one price in microeconomic data, as arbitrage occurs in different markets, in …
Persistent link: https://www.econbiz.de/10012463026
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The Micro-Macro Disconnect of Purchasing Power Parity
Bergin, Paul R. - 2010
This paper reconciles the persistence of aggregate real exchange rates with the faster adjustment of international … stylized facts regarding this puzzle. First, adjustment to purchasing power parity deviations in aggregated data is not just a … slower version of adjustment to the law of one price in microeconomic data, as arbitrage occurs in different markets, in …
Persistent link: https://www.econbiz.de/10013149574
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Supply Shocks and Real Exchange Rate Volatility in a Small Open Economy
Azcona, Nestor - 2016
This paper examines the effect of overall and sector-specific productivity shocks on the real exchange rate in small open economies. A dynamic stochastic small open economy model shows that productivity shocks impact the real exchange rate mostly through changes in the relative price of...
Persistent link: https://www.econbiz.de/10013005242
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Sticky Inflation and the Real Effects of Exchange Rate Based Stabilization
Celasun, Oya - 2003
Exchange rate-based inflation stabilization (ERBS) policies are associated with a boom-recession cycle in economic activity and sustained real exchange rate appreciation. A class of models in the literature has explained these empirical regularities with the lack of credibility of the...
Persistent link: https://www.econbiz.de/10014403874
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Monetary Shocks and Real Exchange Rates in Sticky Price Models of International Business Cycles
Chari, Varadarajan V.; Kehoe, Patrick J.; McGrattan, … - 2021
The data show large and persistent deviations of real exchange rates from purchasing power parity. Recent work has shown that to a large extent these movements are driven by deviations from the law of one price for traded goods. In the data, real and nominal exchange rates are about 6 times as...
Persistent link: https://www.econbiz.de/10013218518
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Monetary Shocks and Real Exchange Rates in Sticky Price Models of International Business Cycles
Chari, V. V. - 1997
The data show large and persistent deviations of real exchange rates from purchasing power parity. Recent work has shown that to a large extent these movements are driven by deviations from the law of one price for traded goods. In the data, real and nominal exchange rates are about 6 times as...
Persistent link: https://www.econbiz.de/10012472952
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Optimal adjustment paths in a monetary union
Belke, Ansgar; Gros, Daniel - 2016
Adjustment to an external imbalance is more diffi cult within a monetary union if wages are sticky. Periods of high … unemployment are usually necessary to achieve the required real depreciation (internal devaluation). Gradual adjustment is usually … recommended to distribute the output and employment cost over time. This paper takes into account that gradual adjustment also has …
Persistent link: https://www.econbiz.de/10011514465
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Accounting for persistence and volatility of good-level real exchange rates : the role of sticky information
Crucini, Mario J.; Shintani, Motosugu; Shintani, Mototsugu - 2008
Persistent link: https://www.econbiz.de/10003763469
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Monetary policy : prosper-thy-neighbour and beggar-thyself?
Michaelis, Jochen - 2000
Persistent link: https://www.econbiz.de/10001540601