کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
963196 | 930272 | 2007 | 28 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Can the new open economy macroeconomic model explain exchange rate fluctuations?
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper explores the successes and failures of the new open economy macroeconomics more critically by addressing the performance of the model at all frequencies along the line of Watson's [Watson, M.W., 1993. Measures of Fit for Calibrated Models, Journal of Political Economy 101, 1011-1041] measures of fit. This paper shows that the NOEM model with either PCP or PTM is not successful in generating the spectral density of the selected variables calculated from the data. In particular, the model cannot generate mass spectra of the exchange rates at low frequencies as in the data. It shows that the NOEM model with either separable preference or incomplete asset market cannot generate the typical hump-shaped spectra of exchange rates.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Economics - Volume 72, Issue 2, July 2007, Pages 381-408
Journal: Journal of International Economics - Volume 72, Issue 2, July 2007, Pages 381-408
نویسندگان
Yongseung Jung,