文章基本信息

标题：Consumption and Real Exchange Rates with Incomplete Markets and Non-Traded Goods
本地全文：下载
作者：Gianluca Benigno ; Christoph Theonissen
期刊名称：CEP Discussion Paper
出版年度：2006
卷号：2006
期号：dec
出版社：Centre for Economic Performance
摘要：This paper addresses the consumption-real exchange rate anomaly. International real business cycle models based on complete financial markets predict a unitary correlation between the real exchange rate and the ratio of home to foreign consumption when subjected to supply side shocks. In the data, this correlation is usually small and often negative. This paper shows that this anomaly can be successfully addressed by models that have an incomplete financial market structure and a non-traded as well as traded goods production sector.
关键词：Consumption-real exchange rate anomaly, incomplete financial markets,nontraded goods