| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP698 |
| DP698 Target Zone Models with Price Inertia: Some Testable Implications | |
| Alan Sutherland | |
| 发表日期 | 1992-08-03 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | Many recent papers suggest that the basic flex-price target zone model does not perform well empirically. This paper derives some of the testable implications of a sticky-price target zone model in order to determine whether the assumption of perfect price flexibility explains the empirical failure of the basic model. I find that while price inertia does introduce mean reversion into the exchange rate, the behaviour of nominal variables is otherwise not qualitatively different from the flex-price model. The paper therefore concludes that the flex-price assumption is not an adequate explanation for empirical failure of the target zone basic model. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rates Price inertia Target zones |
| URL | https://cepr.org/publications/dp698 |
| 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/529851 |
| 推荐引用方式 GB/T 7714 | Alan Sutherland. DP698 Target Zone Models with Price Inertia: Some Testable Implications. 1992. |
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