Le surajustement du taux de change. Une évaluation quantitative en équilibre général

Jean-Olivier Hairault, Lise Patureau () and Thepthida Sopraseuth

Revue économique, 2002, vol. 53, issue 3, 689-697

Abstract: In the spirit of Dornbusch [1976], the overshooting of the nominal exchange rate following monetary innovations accounts for the huge observed volatilities of nominal exchange rates since the collapse of the Bretton Woods system. This paper quantitatively assesses this proposal in the New Open Economy Macroeconomics framework. We thus develop an international intertemporal general equilibrium model including frictions on the credit side of the economy. Following a monetary expansion the model generates a persistent liquidity effect associated with a nominal exchange rate overshooting. The magnitude of the overshooting is shown to help understanding the huge variability of nominal exchange rates. Classification JEL : F31, F41

JEL-codes: F31 F41 (search for similar items in EconPapers)
Date: 2002
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