Arbeitspapier
Productivity Shocks and Delayed Exchange-Rate Overshooting
This paper uses a 'new open economy macroeconomics' model to study the effect of a productivity shock on exchange rate dynamics. The special features of the model are that households' preferences exhibit a 'catching up with the Joneses' effect and that international financial markets are imperfectly integrated. Numerical simulations of the model are used to demonstrate that these features imply that, in an otherwise standard ?new open economy macroeconomics' model, a productivity shock can give rise to a delayed overshooting of the exchange rate.
- Sprache
-
Englisch
- Erschienen in
-
Series: Kiel Working Paper ; No. 1199
- Klassifikation
-
Wirtschaft
Foreign Exchange
Open Economy Macroeconomics
Current Account Adjustment; Short-term Capital Movements
- Thema
-
Productivity shock
Exchange rate overshooting
Overshooting
Neue Makroökonomik offener Volkswirtschaften
Produktivität
Schock
Konsuminterdependenz
Theorie
catching up with the Joneses
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Pierdzioch, Christian
- Ereignis
-
Veröffentlichung
- (wer)
-
Kiel Institute for World Economics (IfW)
- (wo)
-
Kiel
- (wann)
-
2004
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Pierdzioch, Christian
- Kiel Institute for World Economics (IfW)
Entstanden
- 2004
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