| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7869 |
| 来源ID | Working Paper 7869 |
| Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates? | |
| V.V. Chari; Patrick J. Kehoe; Ellen R. McGrattan | |
| 发表日期 | 2000-09-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | The central puzzle in international business cycles is that real exchange rates are volatile and persistent. The most popular story for real exchange rate fluctuations is that they are generated by monetary shocks interacting with sticky goods prices. We quantify this story and find that it can account for some of the observed properties of real exchange rates. When prices are held fixed for at least one year, risk aversion is high and preferences are separable in leisure, the model generates real exchange rates that are as volatile as in the data. The model also generates real exchange rates that are persistent, but less so than in the data. If monetary shocks are correlated across countries, then the comovements in aggregates across countries are broadly consistent with those in the data. Making asset markets incomplete or introducing sticky wages does not measurably change the results. |
| URL | https://www.nber.org/papers/w7869 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565454 |
| 推荐引用方式 GB/T 7714 | V.V. Chari,Patrick J. Kehoe,Ellen R. McGrattan. Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7869.pdf（582KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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