Fluctuations internationales et dynamique du taux de change

Jean-Olivier Hairault and Thepthida Sopraseuth

Economie & Prévision, 2008, vol. n° 183-184, issue 2, 65-91

Abstract: This article offers a review of the literature on intertemporal stochastic general equilibrium (ISGE) models in an open economy. The basic international ISGEmodel cannot describe the cyclical synchronization ofGDPsobserved in the data, theweak cross-correlation of consumption aggregates, or the sharp swings in the exchange rate.These empirical enigmas have fostered a series of theoretical enhancements to make themodels more consistent with the data. The contribution by Obstfeld and Rogoff (1995) is unquestionably a reference model, as it offers a microeconomic foundation for an open-economy Keynesian framework. Recent studies have attempted to go beyond the neo-Keynesian model by incorporating elements from international-trade and portfolio-choice theories.

Keywords: intertemporal stochastic general equilibrium models; international fluctuations; exchange rates (search for similar items in EconPapers)
Date: 2008
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Journal Article: Fluctuations internationales et dynamique du taux de change (2008)
Working Paper: Fluctuations Internationales et Dynamique du Taux de Change (2008)
Working Paper: Fluctuations Internationales et Dynamique du Taux de Change (2008)
Working Paper: Fluctuations Internationales et Dynamique du Taux de Change (2008)
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