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100   $a20070106d2006      uf         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aEuro-dollar real exchange rate dynamics in an estimated two-country model $ewhat is important and what is not /$fprepared by Pau Rabanal and Vicente Tuesta
205   $a1st ed.
210   $a[Washington, D.C.] $cInternational Monetary Fund$d2006
215   $a1 online resource (42 p.)
225 1 $aIMF working paper ;$vWP/06/177
300   $a"July 2006."
311   $a1-4518-6437-X 
320   $aIncludes bibliographical references.
327   $a""Contents""; ""I. INTRODUCTION""; ""II. THE MODEL""; ""III. EXTENSIONS TO THE BASELINE MODEL ""; ""IV. ESTIMATION AND MODEL COMPARISON""; ""V. RESULTS""; ""VI. CONCLUDING REMARKS""; ""APPENDIX: THE METROPOLIS-HASTINGS ALGORITHM""; ""REFERENCES""
330 3 $aWe use a Bayesian approach to estimate a standard two-country New Open Economy Macroeconomics model using data for the United States and the euro area, and we perform model comparisons to study the importance of departing from the law of one price and complete markets assumptions. Our results can be summarized as follows. First, we find that the baseline model does a good job in explaining real exchange rate volatility but at the cost of overestimating volatility in output and consumption. Second, the introduction of incomplete markets allows the model to better match the volatilities of all real variables. Third, introducing sticky prices in Local Currency Pricing improves the fit of the baseline model but does not improve the fit as much as introducing incomplete markets. Finally, we show that monetary shocks have played a minor role in explaining the behavior of the real exchange rate, while both demand and technology shocks have been important.
410  0$aIMF working paper ;$vWP/06/177.
606   $aEuro-dollar market$xEconometric models
606   $aForeign exchange rates$zUnited States$xEconometric models
606   $aForeign exchange rates$zEuropean Union countries$xEconometric models
615  0$aEuro-dollar market$xEconometric models.
615  0$aForeign exchange rates$xEconometric models.
615  0$aForeign exchange rates$xEconometric models.
700   $aRabanal$b Pau$01627816
701   $aTuesta$b Vicente$01627814
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910821802903321
996   $aEuro-Dollar Real Exchange Rate Dynamics in an Estimated Two-Country Model$94010806
997   $aUNINA