Equilibrium exchange rates and supply-side performance
成果类型：
Article; Proceedings Paper
署名作者：
Benigno, G; Thoenissen, C
署名单位：
University of London; London School Economics & Political Science; Bank of England
刊物名称：
ECONOMIC JOURNAL
ISSN/ISSBN：
0013-0133
DOI：
10.1111/1468-0297.00113
发表日期：
2003
页码：
C103-C124
关键词：
摘要：
We develop a two-country, optimising, sticky prices and sticky wages model of real exchange rate determination in the new open macrocconomics tradition to analyse the interaction between supply-side behaviour, market structure and the real exchange rate. For a UK-euro area calibration, supply-side improvements to total factor productivity (TFP) or the degree of monopolistic competition in the goods and labour markets result in a depreciation of the real exchange rate. When TFP increases in the traded goods sector, a depreciation of the terms of trade offsets the appreciation of the relative price of non-traded goods, contrasting with the Balassa-Samuelson proposition.