دانلود مقاله ISI انگلیسی شماره 8727
عنوان فارسی مقاله

تداوم نرخ ارز واقعی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
8727 2008 14 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
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عنوان انگلیسی
Persistent real exchange rates
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Economics, Volume 76, Issue 2, December 2008, Pages 223–236

کلمات کلیدی
- حرکات نرخ ارز واقعی - چسبندگی قیمت آندوژن - یادگیری همراه با عمل
پیش نمایش مقاله
پیش نمایش مقاله تداوم نرخ ارز  واقعی

چکیده انگلیسی

Three well known facts that characterize exchange rate data are: (a) the high correlation between bilateral nominal and real exchange rates; (b) the high degree of persistence in real exchange rate movements; and (c) the high volatility of real exchange rates. This paper attempts a joint, albeit partial, rationalization of these facts in an environment with no staggered contracts and where prices are preset for only one quarter. There are two key innovations in the paper. First, we augment a standard two-country open economy model with learning-by-doing in production at the firm level. This induces monopolistically competitive firms to endogeneize the productivity effect of their price setting behavior. Specifically, firms endogenously choose not to adjust prices by the full proportion of a positive monetary shock in order to take advantage of the productivity benefits of higher production. Second, we introduce habits in leisure. This makes the labor supply decision dynamic and adds an additional source of propagation. We show that the calibrated model can quantitatively reproduce significant fractions of the aforementioned facts. Moreover, as in the data, the model also produces a positive correlation between the terms of trade and the nominal exchange rate.

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