International Business Cycles and Exchange Rates

Christian Zimmermann

Review of International Economics, 1999, vol. 7, issue 4, 682-98

Abstract: Models of international real business cycles are not able to account for the high volatility of exports, imports, the trade balance, and the terms of trade. By introducing exogenous exchange rate movements in addition to standard technological shocks, the model presented here comes much closer to replicating the relatively high volatility observed in the data while also improving other moments. Copyright 1999 by Blackwell Publishing Ltd.

Date: 1999
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