EXCHANGE RATE DYNAMIC WITH SLUGGISH PRICES UNDER ALTERNATIVE PRICE ADJUSTMENT RULES
Author: Maurice OBSTFELD
Publisher:
Published: 1983
Total Pages:
ISBN-13:
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Author: Maurice OBSTFELD
Publisher:
Published: 1983
Total Pages:
ISBN-13:
DOWNLOAD EBOOKAuthor: Maurice Obstfeld
Publisher:
Published: 1983
Total Pages: 40
ISBN-13:
DOWNLOAD EBOOKThis paper studies exchange rate behavior in models with moving long-run equilibria incorporating alternative price-adjustment mechanisms.The paper demonstrates that price-adjustment rules proposed by Mussa andby Barro and Grossman yield models that are empirically indistinguishable from each other. For speeds of goods-market adjustment that are "too fast," the Barro-Grossman rule appears to induce instability; but we argue that when the ruleis interpreted properly, models incorporating it are dynamically stable regardless of the speed at which disequilibriumis eliminated. The Barro-Grossman pricing scheme is shown to be a natural generalization, to a setting of moving long-run equilibria, of less versatile schemes proposed in earlier literature on exchange rate dynamics.
Author: Maurice Obstfeld
Publisher:
Published: 1984
Total Pages: 174
ISBN-13:
DOWNLOAD EBOOKAuthor: Maurice OBSTFELD
Publisher:
Published: 1983
Total Pages:
ISBN-13:
DOWNLOAD EBOOKAuthor: Maurice Obstfeld
Publisher:
Published: 1983
Total Pages: 42
ISBN-13:
DOWNLOAD EBOOKAuthor: R.W. Jones
Publisher: Elsevier
Published: 1984
Total Pages: 640
ISBN-13: 0444867937
DOWNLOAD EBOOKThis Handbook adopts a traditional definition of the subject, and focuses primarily on the explanation of international transactions in goods, services, and assets, and on the main domestic effects of those transactions. The first volume deals with the "real side" of international economics. It is concerned with the explanation of trade and factor flows, with their main effects on goods and factor prices, on the allocation of resources and income distribution and on economic welfare, and also with the effects on national policies designed explicitly to influence trade and factor flows. In other words, it deals chiefly with microeconomic issues and methods. The second volume deals with the "monetary side" of the subject. It is concerned with the balance of payments adjustment process under fixed exchange rates, with exchange rate determination under flexible exchange rates, and with the domestic ramifications of these phenomena. Accordingly, it deals mainly with economic issues, although microeconomic methods are frequently utilized, especially in work on expectations, asset markets, and exchange rate behavior. For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier.nl/locate/hes
Author: Fidelina B. Natividad
Publisher:
Published: 1988
Total Pages: 28
ISBN-13:
DOWNLOAD EBOOKAuthor: Clas Wihlborg
Publisher:
Published: 1985
Total Pages:
ISBN-13:
DOWNLOAD EBOOKAuthor: Robert M. Dunn
Publisher:
Published: 1983
Total Pages: 44
ISBN-13:
DOWNLOAD EBOOKAuthor: Daron Acemoglu
Publisher:
Published: 2008-03
Total Pages: 0
ISBN-13: 9780226002026
DOWNLOAD EBOOKThe NBER Macroeconomics Annual provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields. The papers and accompanying discussions in NBER Macroeconomics Annual 2007 address exchange-rate models; implications of credit market frictions; cyclical budgetary policy and economic growth; the impacts of shocks to government spending on consumption, real wages, and employment; dynamic macroeconomic models; and the role of cyclical entry of new firms and products on the nature of business-cycle fluctuations and on the effects of monetary policy.