| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4473 |
| DP4473 The Economics of US-Style Contingent Fees and UK-Style Conditional Fees | |
| Winand Emons; Nuno Garoupa | |
| 发表日期 | 2004-07-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This Paper analyses the effects of pegged and floating exchange rates using a two-country dynamic general equilibrium model that is calibrated to the US and a European aggregate. The model assumes shocks to money, productivity and the interest parity condition. It captures the fact that the sharp increase in nominal exchange rate volatility after the abandonment of the Bretton Woods (BW) system was accompanied by a commensurate rise in real exchange rate volatility, but had no pronounced effect on the volatility of US and European output. This holds irrespective of whether flexible or sticky prices are assumed ? which casts doubt on the widespread view that the roughly equal rise in nominal and real exchange rate volatility reflects price stickiness. Flex-prices variants of the model capture better the fact that the correlation between US and European output has been higher in the floating-rate era. |
| 主题 | International Macroeconomics |
| 关键词 | International macroeconomics Monetary economics |
| URL | https://cepr.org/publications/dp4473 |
| 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/533419 |
| 推荐引用方式 GB/T 7714 | Winand Emons,Nuno Garoupa. DP4473 The Economics of US-Style Contingent Fees and UK-Style Conditional Fees. 2004. |
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