Modeling exchange rate passthrough after large devaluations

• 成果类型: Article
• 署名作者: Burstein, Ariel; Eichenbaum, Martin; Rebelo, Sergio
• 署名单位: National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2005.08.013
• 发表日期: 2007
• 页码: 346-368
• 关键词: Exchange rate; devaluations; passthrough; sticky prices

摘要

Large devaluations are generally associated with large declines in real exchange rates. We develop a model which embodies two complementary forces that account for the large declines in the real exchange rate that occur in the aftermath of large devaluations. The first force is sticky nontradable-goods prices. The second force is the impact of real shocks that often accompany large devaluations. We argue that sticky nontradable goods prices generally play an important role in explaining post-devaluation movements in real exchange rates. However, real shocks can sometimes be primary drivers of real exchange-rate movements. (c) 2006 Elsevier B.V. All rights reserved.