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Household Consumption Heterogeneity and the Real Exchange Rate

Robert Kollmann (robert.kollmann@ulb.ac.be)

No 2021-14, Working Papers ECARES from ULB -- Universite Libre de Bruxelles

Abstract: Does household heterogeneity matter for exchange rate determination? This paper tests Kocherlakota and Pistaferri’s (2007) prominent heterogeneous agent model, in which the real exchange rate perfectly tracks relative domestic/foreign moments of cross-household consumption distributions. The evidence presented here indicates that the real exchange rate is disconnected from relative cross-household consumption moments.

Keywords: Household consumption heterogeneity; International and domestic risk sharing; Real exchange rate. (search for similar items in EconPapers)
Pages: 16 p.
Date: 2021-08
New Economics Papers: this item is included in nep-dge, nep-isf, nep-opm and nep-ore
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