Inequality and real exchange rates
成果类型：
Article; Proceedings Paper
署名作者：
Kocherlakota, Narayana; Pistaferri, Luigi
署名单位：
University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Stanford University
刊物名称：
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
ISSN/ISSBN：
1542-4766
DOI：
10.1162/JEEA.2008.6.2-3.597
发表日期：
2008
页码：
597-608
关键词：
摘要：
Kocherlakota and Pistaferri (2007) describe two different. models (Private Information Pareto Optimal and Incomplete Markets) of how households partially insure themselves against idiosyncratic shocks. They demonstrate that the models differ in terms of their implications for real exchange rates. In this paper, we use data from a wide range of countries, and document that there is a statististically significant relationship between real exchange rate growth and between-country differences in the growth rates of right-tail, but not left-tail, inequality growth. This finding is consistent with the Private Information Pareto Optimal model of partial insurance, but not the Incomplete Markets model.
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