G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7457
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
URLhttps://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.
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