Konferenzbeitrag
Real exchange rate dynamics in New-Keynesian models – The Balassa-Samuelson effect revisited
This paper explores the Balassa-Samuelson effect in a New-Keynesian DSGE model of a monetary union with traded and non-traded goods. Credible sets for theoretical impulse response functions show that a model with perfect intersectoral labour mobility is unable to reproduce an appreciation of the real exchange rate caused by higher productivity in the traded sector. Allowing for imperfect intersectoral labour mobility resolves this obstacle and delivers testable restrictions for model parameters governing the labour market specification in a Bayesian estimation context.
- Sprache
-
Englisch
- Erschienen in
-
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2018: Digitale Wirtschaft - Session: Open Economy Macroeconomics II ; No. G15-V1
- Klassifikation
-
Wirtschaft
Open Economy Macroeconomics
Macroeconomic Issues of Monetary Unions
Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation: Models and Applications
Model Construction and Estimation
- Thema
-
Real exchange rate
Balassa-Samuelson
prior predictive analysis
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Brede, Maren
- Ereignis
-
Veröffentlichung
- (wer)
-
ZBW - Leibniz-Informationszentrum Wirtschaft
- (wo)
-
Kiel, Hamburg
- (wann)
-
2018
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Konferenzbeitrag
Beteiligte
- Brede, Maren
- ZBW - Leibniz-Informationszentrum Wirtschaft
Entstanden
- 2018
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