Arbeitspapier
Can a Real Business Cycle Model without price and wage stickiness explain UK real exchange rate behaviour?
This paper establishes the ability of a Real Business Cycle model to account for real exchange rate behaviour, using UK data. We show that a productivity simulation is capable of explaining initial real appreciation with subsequent depreciation to a lower steady state. 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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Cardiff Economics Working Papers ; No. E2005/2
- Klassifikation
-
Wirtschaft
Business Fluctuations; Cycles
Foreign Exchange
Open Economy Macroeconomics
- Thema
-
Real Exchange Rate
Productivity
Real Business Cycle
Bootstrap
Indirect Inference
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Meenagh, David
Minford, Patrick
Nowell, Eric
Sofat, Prakriti
- Ereignis
-
Veröffentlichung
- (wer)
-
Cardiff University, Cardiff Business School
- (wo)
-
Cardiff
- (wann)
-
2005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Meenagh, David
- Minford, Patrick
- Nowell, Eric
- Sofat, Prakriti
- Cardiff University, Cardiff Business School
Entstanden
- 2005
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