GDL

Journal from gdlhub / 2017-08-14 11:52:53
Oleh : Pricing,market, staggered, contracts, real, exchange, rate, persistence, ELSEVIER (Paul R. Bergin, Robert C. Feenstra)
Dibuat : 2010-06-30, dengan 1 file

Keyword : Pricing-to-market, staggered, contracts, real, exchange, rate,persistence
Url : http://www.elsevier.nl / locate /econbase

This paper explores an explanation for the high degree of persistence and volatility


observed in real exchange rate data. In particular, it considers a class of preferences that are


translogin form, which exhibit the property that the elasticity of demand is not constant.


This property is shown to be important for generating pricing-to-market behavior in


price-setting firms and for helping staggered contracts to generate endogenous persistence.


The paper finds that translog preferences generate significantly greater persistence in the


real exchange rate than does the standard CES specification. While the model cannot fully


reproduce the high level of persistence observed in the data under plausible parameter


values, it can reproduce the level of volatility.2001 Elsevier Science B.V. All rights


reserved.

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