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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP7457 |
DP7457 Information Gatekeepers: Theory and Experimental Evidence | |
Juan Carrillo; Isabelle Brocas; Thomas R Palfrey | |
发表日期 | 2009-09-23 |
出版年 | 2009 |
语种 | 英语 |
摘要 | Under efficient consumption risk sharing, as assumed in standard international business cycle models, a country?s aggregate consumption rises relative to foreign consumption, when the country?s real exchange rate depreciates. Yet, empirically, relative consumption and the real exchange rate are essentially uncorrelated. I show that this ?consumption-real exchange rate anomaly? can be explained by a simple model in which a subset of households trade in complete financial markets, while the remaining households lead hand-to-mouth (HTM) lives. HTM behavior also generates greater volatility of the real exchange rate and of net exports, which likewise brings the model closer to the data. |
主题 | International Macroeconomics |
关键词 | Consumption Hand to mouth consumers Limited asset market participation Real exchange rate |
URL | https://cepr.org/publications/dp7457 |
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/536308 |
推荐引用方式 GB/T 7714 | Juan Carrillo,Isabelle Brocas,Thomas R Palfrey. DP7457 Information Gatekeepers: Theory and Experimental Evidence. 2009. |
条目包含的文件 | 条目无相关文件。 |
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