MONEY, CAPITAL, AND EXCHANGE RATE FLUCTUATIONS

• 成果类型: Article
• 署名作者: Gomis-Porqueras, Pere; Kam, Timothy; Lee, Junsang
• 署名单位: Monash University; Australian National University; Sungkyunkwan University (SKKU)
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2012.00735.x
• 发表日期: 2013
• 页码: 329-353
• 关键词: equilibrium search; monetary; DYNAMICS; MODEL

摘要

We explore how the informational frictions underlying monetary exchange affect international exchange rate dynamics. Our perfectly flexible price model is capable of producing endogenously rigid international relative prices in response to technology and monetary shocks. The model is capable of accounting for the empirical regularities that the real and nominal exchange rates are more volatile than U.S. output, and that the two are positively and perfectly correlated. The model is also consistent with other standard real business cycle facts for the United States.