![International Business Cycles and Exchange Rates [computer File] PDF](https://books.google.com/books/content/images/frontcover/GtYJkAEACAAJ?fife=w150-h200)
Author: Zimmermann, ChristianPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
International Business Cycles and Exchange Rates [computer File]
![International Business Cycles and Exchange Rates [computer File] PDF](https://books.google.com/books/content/images/frontcover/GtYJkAEACAAJ?fife=w80-h100)
Author: Zimmermann, ChristianInternational Business Cycles and Exchange Rates
Author: Christian ZimmermannPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
International real business cycle models are not able to account for the high volatility of exports, imports, the trade balance and the terms of trade. By introducing exogenous exchange rate movements in addition to standard technological shocks, the model presented here comes much closer to replicating the relatively high volatility observed in the data while also improving other moments.
Business Cycles and Exchange Rate Regimes [computer File]
![Business Cycles and Exchange Rate Regimes [computer File] PDF](https://books.google.com/books/content/images/frontcover/cqnmjwEACAAJ?fife=w80-h100)
Author: Zimmerman, ChristianPublisher: [Montréal] : Centre de recherche sur l'emploi et les fluctuations économiques, Université du Québec à Montréal (CREFÉ) = Center for Research on Economic Fluctuations and Employment (CREFE)
ISBN:
Category :
Languages : en
Pages :
Book Description
Business Cycles and the Exchange Rate System
Author: Marianne BaxterPublisher:
ISBN:
Category : Business cycles
Languages : en
Pages : 80
Book Description
This paper investigates empirically the differences in time?series behavior of key economic aggregates under alternative exchange rate systems. We use a postwar sample of 49 countries to compare the behavior of output. consumption, trade flows, government consumption spending, and real exchange rates under alternative exchange rate systems (pegged, floating, and systems such as the EMS). We then examine evidence from two particular episodes, involving Canada and Ireland, of changes in the exchange rate system. Aside from greater variability of real exchange rates under flexible than under pegged nominal exchange rate systems, we find little evidence of systematic differences in the behavior of other macroeconomic aggregates or international trade flows under alternative exchange rate systems. These results are of interest because a large class of theoretical models implies that the nominal exchange rate system has important effects on a number of macroeconomic quantities.
Business cycles and the exchange rate system
Author: Marianne BaxterTechnology Shocks
Author: Andrea RaffoPublisher: DIANE Publishing
ISBN: 1437939104
Category : Business & Economics
Languages : en
Pages : 55
Book Description
Understanding the joint dynamics of internat. prices and quantities remains a central issue in internat. bus. cycles. Internat. relative prices appreciate when domestic consumption and output increase more than their foreign counterparts. In addition, both trade flows and trade prices display sizable volatility. This paper incorporates Hicks-neutral and investment-specific TS into a standard two-country general equilibrium model with variable capacity utilization and weak wealth effects on labor supply. Investment-specific TS introduce a source of fluctuations in absorption similar to taste shocks, thus reconciling theory and data. Also presents implications for the transmission mechanism of TS across countries. Illus. This is a print on demand pub.
Cointegrated TFP Processes and International Business Cycles
Author: Mr.Pau RabanalPublisher: International Monetary Fund
ISBN: 145187359X
Category : Business & Economics
Languages : en
Pages : 55
Book Description
A puzzle in international macroeconomics is that observed real exchange rates are highly volatile. Standard international real business cycle (IRBC) models cannot reproduce this fact. We show that TFP processes for the U.S. and the "rest of the world," is characterized by a vector error correction (VECM) and that adding cointegrated technology shocks to the standard IRBC model helps explaining the observed high real exchange rate volatility. Also we show that the observed increase of the real exchange rate volatility with respect to output in the last 20 year can be explained by changes in the parameter of the VECM.
Can International Macroeconomic Models Explain Low-Frequency Movements of Real Exchange Rates?
Author: Mr.Pau RabanalPublisher: International Monetary Fund
ISBN: 1463931182
Category : Business & Economics
Languages : en
Pages : 42
Book Description
Real exchange rates exhibit important low-frequency fluctuations. This makes the analysis of real exchange rates at all frequencies a more sound exercise than the typical business cycle one, which compares actual and simulated data after the Hodrick-Prescott filter is applied to both. A simple two-country, two-good model, as described in Heathcote and Perri (2002), can explain the volatility of the real exchange rate when all frequencies are studied. The puzzle is that the model generates too much persistence of the real exchange rate instead of too little, as the business cycle analysis asserts. Finally, we show that the introduction of adjustment costs in production and in portfolio holdings allows us to reconcile theory and this feature of the data.
Business Cycles and the Exchange-rate Regime
Author: M. BaxterLiquidity, Exchange Rates, and Business Cycles
Author: Wai-Ming HoPublisher: London : Department of Economics, University of Western Ontario
ISBN:
Category : Business cycles
Languages : en
Pages : 60
Book Description