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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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Pubblicazione: | Cambridge, Mass, : National Bureau of Economic Research, 1983 |
[Washington, D.C.] : , : [Board of Governors of the Federal Reserve Board], , [1983] | |
Edizione: | Rev. May 1983. |
Descrizione fisica: | 1 online resource : illustrations (black and white); |
Soggetto topico: | International Economics |
Classificazione: | F |
Altri autori: |
RogoffKenneth
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Note generali: | August 1983. |
Nota di bibliografia: | Includes bibliographical references (page R1-R3). |
Sommario/riassunto: | 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. |
Titolo autorizzato: | Exchange Rate Dynamics With Sluggish Prices Under Alternative Price-Adjustment Rules ![]() |
Formato: | Materiale a stampa ![]() |
Livello bibliografico | Monografia |
Lingua di pubblicazione: | Inglese |
Record Nr.: | 9910703335903321 |
Lo trovi qui: | Univ. Federico II |
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