| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP107 |
| DP107 Currency Substitution in a Two-Asset Two-Country Model: A Simulation Approach | |
| Michael Artis; Saziye Gazioglu | |
| 发表日期 | 1986-05-01 |
| 出版年 | 1986 |
| 语种 | 英语 |
| 摘要 | The paper reports results obtained from the simulation of a two-country model in which the real and financial sectors are integrated under an assumption of rational expectations and steady-state inflationary equilibria. The government of each country issues a single financial asset ("currency") which is held by the government of the other country and by the private residents of both countries. The model is simulated under a variety of shocks and the effects of "higher currency substitution" (measured in different ways) are explored. The results show that, dependent on the shock hitting the system and the way in which the degree of currency substitution is measured, higher levels of currency substitution may reduce instead of increasing the degree of exchange rate overshooting and may even convert overshooting into undershooting. The paper lays a basis for various extensions which will be reported in subsequent papers. |
| 主题 | International Macroeconomics |
| 关键词 | Currency substitution Exchange rate volatility Overlapping wage contracts Overshooting Two-country model |
| URL | https://cepr.org/publications/dp107 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529263 |
| 推荐引用方式 GB/T 7714 | Michael Artis,Saziye Gazioglu. DP107 Currency Substitution in a Two-Asset Two-Country Model: A Simulation Approach. 1986. |
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