Equilibrium Exchange Rates and Supply-Side Performance  

Oleh:

Benigno, Gianluca ; Thoenissen, Christoph

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 113 no. 486 (2003), page C103-C124.
Topik: exchange rates; eqilibrium; exchange rates; supply - side performance
Fulltext: C103.pdf (157.33KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.10 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We develop a two – country, optimising, sticky prices and sticky wages model of real exchange rate determination in the new open macroeconomics tradition to analyse the interaction between supply – side behaviour, market structure and the real exchange rate. For a UK – euro area calibration, supply – side improvements to total factor productivity (TFP) or the degree of monopolistic competition in the goods and labour markets result in a depreciation of the real exchange rate. When TFP increases in the traded goods sector, a depreciation of the terms of trade offsets the appreciation of the relative price of non – traded goods, contrasting with the Balassa – Samuelson proposition.

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