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This paper shows that the dominant view that the high variability of real exchange rates is due to movements in exchange rate-adjusted prices of tradable goods does not hold for Mexican data for periods with a managed exchange rate. The relative price of nontradables accounts for up to 70...
Persistent link: https://www.econbiz.de/10005264110
Emerging markets business cycle models treat default risk as part of an exogenous interest rate on working capital, while sovereign default models treat income fluctuations as an exogenous endowment process with ad-noc default costs. We propose instead a general equilibrium model of both...
Persistent link: https://www.econbiz.de/10009203544
, openness to trade, and public indebtedness. Based on a novel quarterly dataset of government expenditure in 44 countries, we …
Persistent link: https://www.econbiz.de/10008876601