آیا یک مدل چرخه کسب و کار واقعی می تواند بدون چسبندگی قیمت و دستمزد رفتار نرخ ارز واقعی انگلستان را توضیح دهد

This paper establishes the ability of a Real Business Cycle model to account for UK real exchange rate behaviour. The model is tested by the method of indirect inference, bootstrapping the errors to generate 95% confidence limits for a time-series representation of the real exchange rate, as well as for various key data moments. The results suggest RBC models can explain real exchange rate movements.