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Persistent link: https://www.econbiz.de/10005307724
We investigate the role of sticky wages in accounting for real exchange rate dynamics. Unlike the sticky price economy, government spending shocks play a more important role than technology shocks in explaining the hump-shaped impulse responses of real exchange rates.
Persistent link: https://www.econbiz.de/10010906370
The lag selection procedure based on the final prediction error (FPE) is investigated when the additive structure is a priori known in the nonparametric autoregression. The consistency of the lag selection is proved, followed by the finite sample simulation results.
Persistent link: https://www.econbiz.de/10009018771