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Record Nr. |
UNINA9910703335903321 |
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Autore |
Obstfeld Maurice |
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Titolo |
Exchange Rate Dynamics With Sluggish Prices Under Alternative Price-Adjustment Rules / / Maurice Obstfeld, Kenneth Rogoff |
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Pubbl/distr/stampa |
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Cambridge, Mass, : National Bureau of Economic Research, 1983 |
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[Washington, D.C.] : , : [Board of Governors of the Federal Reserve Board], , [1983] |
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Edizione |
[Rev. May 1983.] |
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Descrizione fisica |
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1 online resource : illustrations (black and white); |
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Collana |
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NBER working paper series ; no. w1173 |
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Classificazione |
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Altri autori (Persone) |
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Soggetti |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references (page R1-R3). |
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Sommario/riassunto |
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This 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. |
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