LEADER 02346oam 22004333a 450 001 9910703335903321 005 20230622022918.0 035 $a(NBER)w1173 035 $a(CKB)3240000000027225 035 $a(OCoLC)696180583 035 $a(EXLCZ)993240000000027225 100 $a20230622d1983 fy 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aExchange Rate Dynamics With Sluggish Prices Under Alternative Price-Adjustment Rules /$fMaurice Obstfeld, Kenneth Rogoff 205 $aRev. May 1983. 210 $aCambridge, Mass$cNational Bureau of Economic Research$d1983 210 1$a[Washington, D.C.] :$c[Board of Governors of the Federal Reserve Board],$d[1983] 215 $a1 online resource$cillustrations (black and white); 225 1 $aNBER working paper series$vno. w1173 300 $aAugust 1983. 320 $aIncludes bibliographical references (page R1-R3). 330 3 $aThis paper studies exchange rate behavior in models with moving long-run equilibria incorporating alternative price-adjustment mechanisms.The paper demonstrates that price-adjustment rules proposed by Mussa andby Barro and Grossman yield models that are empirically indistinguishable from each other. For speeds of goods-market adjustment that are "too fast," the Barro-Grossman rule appears to induce instability; but we argue that when the ruleis interpreted properly, models incorporating it are dynamically stable regardless of the speed at which disequilibriumis eliminated. The Barro-Grossman pricing scheme is shown to be a natural generalization, to a setting of moving long-run equilibria, of less versatile schemes proposed in earlier literature on exchange rate dynamics. 410 0$aWorking Paper Series (National Bureau of Economic Research)$vno. w1173. 606 $aInternational Economics$2jelc 615 7$aInternational Economics 686 $aF$2jelc 700 $aObstfeld$b Maurice$0118388 701 $aRogoff$b Kenneth$0324217 712 02$aNational Bureau of Economic Research. 801 0$bMaCbNBER 801 1$bMaCbNBER 906 $aBOOK 912 $a9910703335903321 996 $aExchange Rate Dynamics With Sluggish Prices Under Alternative Price-Adjustment Rules$93388755 997 $aUNINA