| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3302 |
| DP3302 A Structural Econometric Model of Price Discrimination in the Mortgage Lending Industry | |
| Robert J. Gary-Bobo; Sophie Larribeau | |
| 发表日期 | 2002-04-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Recent empirical research by Mark Taylor and co-authors has found evidence of hybrid dynamics for real exchange rates. While there is a random walk near equilibrium, for real exchange rates some distance from equilibrium there is mean-reversion which increases with the degree of misalignment. An interesting question is whether this non-linear mean-reversion might be policy-induced. John Williamson (1998), for example, has proposed a ?monitoring band? in which there is no intervention near equilibrium but there is substantial intervention triggered by exchange rate deviations outside a preset band. In this Paper we develop a theoretical model of such a monitoring band to see whether it can generate patterns of non-linear mean-reversion akin to those reported in empirical research. |
| 主题 | International Macroeconomics |
| 关键词 | Monitoring band Non-linear mean-reversion Near random walk dynamics |
| URL | https://cepr.org/publications/dp3302 |
| 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/532329 |
| 推荐引用方式 GB/T 7714 | Robert J. Gary-Bobo,Sophie Larribeau. DP3302 A Structural Econometric Model of Price Discrimination in the Mortgage Lending Industry. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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