| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1974 |
| DP1974 Agglomeration and the Location of Innovative Activity | |
| David Audretsch | |
| 发表日期 | 1998-09-30 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | Exchange rate regimes differ primarily by the activity of the exchange rate, not observable macroeconomic ?fundamentals?. Fixed exchange rates are typically stable and floating exchange rates are volatile, but macro phenomena are regime-independent. Fundamentals only seem to be relevant for exchange rates at low frequencies or when inflation is high. A basic task of international finance is explaining these cross-regime differences in exchange rate volatility. The evidence suggests that a switch in exchange rate policy is accompanied by a change in market structure; macroeconomic considerations are superfluous. We formalize this observation in a non-linear model with multiple equilibria. |
| 主题 | International Macroeconomics |
| 关键词 | Equilibrium Frequency Linear Monetary Multiple Noise Regime Shock |
| URL | https://cepr.org/publications/dp1974 |
| 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/531104 |
| 推荐引用方式 GB/T 7714 | David Audretsch. DP1974 Agglomeration and the Location of Innovative Activity. 1998. |
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