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Wednesday, May 13, 2020 | History

2 edition of Traded goods consumption smoothing and the random walk behavior of the real exchange rate found in the catalog.

Traded goods consumption smoothing and the random walk behavior of the real exchange rate

Kenneth S. Rogoff

Traded goods consumption smoothing and the random walk behavior of the real exchange rate

by Kenneth S. Rogoff

  • 33 Want to read
  • 3 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Foreign exchange -- United States -- Mathematical models.,
  • Foreign exchange -- Japan -- Mathematical models.

  • Edition Notes

    StatementKenneth Rogoff.
    SeriesNBER working papers series -- working paper no. 4119, Working paper series (National Bureau of Economic Research) -- working paper no. 4119.
    ContributionsNational Bureau of Economic Research.
    The Physical Object
    Pagination36, [13] p. :
    Number of Pages36
    ID Numbers
    Open LibraryOL22439446M

    Start studying Problem Set 5. Learn vocabulary, terms, and more with flashcards, games, and other study tools. then the increase of consumption of foreign goods will be $25 million. If a proportion of traded goods (such as oil) are priced in a foreign currency, the real exchange rate becomes: 10% against country A, depreciates 30%. The Modern History of Exchange Rate Arrangements: A Reinterpretation by Carmen M. Reinhart & Kenneth S. Rogoff Elections and macroeconomic policy cycles Anne Sibert.

    Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate Kenneth Rogoff. Conventional explanations of the near random walk behavior of real exchange rates rely on near random walk behavior in the underlying fundamentals (e.g., tastes and technology). Testing the Productivity Bias Hypothesis in Middle East Countries: Rogoff, K. (), “Traded goods consumption smoothing and the random walk behavior of the real exchange rates”, Bank of Japan Monetary and Economic Studies, Vol, No.2, ppAuthor: Ferda Halicioglu, Natalya Ketenci.

    Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate NBER Working Paper No. w Number of pages: 36 . Fluctuations in the economy's growth rate are inevitable. However, economists disagree about how effective government fiscal policy and monetary policy can be in ~ out those fluctuations. (), "Traded Goods Consumption ~ and the Random Walk Behavior of the Real Exchange Rate", Monetary and Economics Studies, Vol. 10, PP.


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Traded goods consumption smoothing and the random walk behavior of the real exchange rate by Kenneth S. Rogoff Download PDF EPUB FB2

Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate Kenneth Rogoff. NBER Working Paper No. Issued in July NBER Program(s):International Finance and Macroeconomics. Conventional explanations of the near random walk behavior of real exchange rates rely on near random walk behavior in the underlying fundamentals (e.g.

tastes and. Title: Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate Author: Kenneth Rogoff Created Date: 2/25/ PM. Agents cannot smooth non-traded goods productivity shocks, but if these are relatively small (as is often argued to be the case) then traded goods consumption smoothing will lead to smoothing of the intra-temporal price of traded and non-traded goods.

The (near) random walk implications of the model for the real exchange rate are in stark contrast to the empirical predictions of the classic Balassa-Samuelson by: Downloadable. Conventional explanations of the near random walk behavior of real exchange rates rely on near random walk behavior in the underlying fundamentals (e.g., tastes and technology).

The present paper offers an alternative rationale, based on a fixed factor neoclassical model with traded and nontraded goods.

The basic idea is that with open capital markets, agents can smooth their. Buy Traded goods consumption smoothing and the random walk behavior of the real exchange rate (NBER working papers series) by Rogoff, Kenneth S (ISBN:) from Amazon's Book Store.

Everyday low prices and free delivery on eligible : Kenneth S Rogoff. Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate NBER Working Papers, National Bureau of Economic Research, Inc View citations (69) See also Journal Article in Monetary and Economic Studies () Oil, productivity, government spending and the real yen-dollar exchange rate.

However, in the non-traded goods sector where the LOOP did not hold, increased productivity in the traded goods sector would lead to rise in real wages prompting an increase in the prices of non.

Agents cannot smooth non-traded goods productivity shocks, but if these are relatively small (as is often argued to be the case) then traded goods consumption smoothing will lead to smoothing of the intra-temporal price of traded and non-traded goods.

The (near) random walk implications of the model for the real exchange rate are in stark contrast to the empirical predictions of the classic Balassa-Samuelson model.

Trade between two countries creates a link between real exchange rate and terms of trade. It is the private consumption of non-traded goods that induces an equilibrium relationship between real exchange rate and private consumption of traded and non-traded goods.

We use Ogaki and Park's () cointegration-Euler equation approach to explore. Traded goods consumption smoothing and the random walk behavior of the real exchange rate.

NBER Working Paper No.ROGOFF, K. The purchasing power parity puzzle. Journal of Economic Literature, 34(2)–, ROSSI, B. Optimal Tests for Nested Model Selection with Underlying parameter Instability.

Get this from a library. Traded goods consumption smoothing and the random walk behavior of the real exchange rate. [Kenneth S Rogoff; National Bureau of Economic Research.]. Rogo K (). Traded goods, consumption smoothing and the random walk behavior of the real exchange rate” Bank of Japan Monetary Econ.

Stud., 2: Agents cannot smooth non-traded goods productivity shocks, but if these are relatively small (as is often argued to be the case) then traded goods consumption smoothing will lead to smoothing of the intra-temporal price of traded and non-traded goods.

The (near) random walk implications of the model for the real exchange rate are in stark contrast to the empirical predictions of the classic Balassa-Samuelson : Kenneth Rogoff.

Rogoff, K. (), 'Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate', NBER Working Papers No Rogoff, K. (), 'Monetary models of dollar/yen/euro nominal exchange rates: dead or undead?' Economic Journal,F Chapters 3 and 4, r denotes the real interest rate.

For use below, it is convenient to define the gross real interest rate as R = 1+r (as a point of terminology, “r” is the net real interest rate). (5 points) Set up a lifetime Lagrangian formulation for the representative consumer’s lifetime utility maximization Size: KB.

Obstfeld, M.,Modeling trending real exchange rates. Working paper no. C (Center for International and Development Economics Research, University of California, Berkeley, CA). Rogoff, K.,Traded goods consumption smoothing and the random walk behavior of the real exchange rate. Working paper no. (NBER.

Cambridge, MA).Cited by: Traded goods consumption smoothing and the random walk behavior of the real exchange rate: Two years on: opportunities and risk in a post crisis world: The unsustainable US current account position revisited: 화폐의 종말 지폐 없는 사회: 国家は破綻する: 金融危機の年: 現金の呪い: 紙幣をいつ廃止す.

of non-traded goods in real exchange rate fluctuations. Similarly, we find little evidence that the presence of high inflation/low inflation bilateral trade pairs in our sample raises the size of the measured relation between the real exchange rate and the relative price of non-traded goods.

Using sectoral data for the OECD we find that inflation in nontradable good exceeds inflation in tradables. We identify a demand shift towards nontradables and faster growth of total factor productivity in the tradable goods sector as the prime causes of the differential inflation.

In addition, disinflation attempts and the exchange rate regime appear to have exerted significant. Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate w Published: Monetary and Economic Stud (Nov.

) (Bank of Japan). citation courtesy of. April The EMS, the EMU, and the Transition to a. Rogoff, K. (). Traded goods consumption smoothing and the random walk behavior of the real exchange rate.

No. w National Bureau of Economic Research. Find this resource: Google Preview; WorldCat; Rogoff, K. (). The purchasing power parity puzzle. Journal of Economic Literature, 34(2), – Find this resource: Google Preview Author: Menzie D. Chinn.Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate: 0: 0: 1: 0: 0: 1, WAS IT REAL?

THE EXCHANGE RATE-INTEREST DIFFERENTIAL RALATION OVER THE MODERN FLOATING-RATE PERIOD Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate: 0: 1: 5: 3: 4: .References Hall, Robert E.,Stochastic implications of the life cycle - permanent income hypothesis: Theory and evidence.

Journal of Political Econ no. 6, Rogoff, Kenneth,Trader goods consumption smoothing and the random walk behavior of the real exchange rate, Working paper (NBER. Cambridge, MA) by: 9.