EXCHANGE RATE MOVEMENTS FROM 1961 TO 2001

Tihomir Janjicek
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Tihomir Janjicek: University of Dubrovnik

Economic Thought and Practice, 2008, vol. 17, issue 2, 157-176

Abstract: In this research I have tried to discover the relations between marginal utility on the one hand and government expenditure, real money balances and external habit on the other hand. I took two approaches one with exogenously missing markets but an endogenous discount rate, where anchors the distribution of wealth and one with endogenous market segmentation. No one of these approaches did not satisfied the theory and over identifying restrictions for every country. Only the utility with external habit persistence had the best match with real exchange rates for OECD countries between 1961 and 2001.

Keywords: exhange rate; marginal utility; government expenditure (search for similar items in EconPapers)
JEL-codes: F31 (search for similar items in EconPapers)
Date: 2008
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