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Exchange Rate Dynamics Redux

Maurice Obstfeld and Kenneth Rogoff ()

No 1131, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We develop an analytically tractable two-country model that marries a full account of global macroeconomic dynamics to a supply framework based on monopolistic competition and sticky nominal prices. The model offers simple and intuitive predictions about exchange rates and current accounts that sometimes differ sharply from those of either modern flexible-price intertemporal models, or traditional sticky-price Keynesian models. Our analysis leads to a novel perspective on the international welfare spillovers due to monetary and fiscal policies.

Keywords: Current Account; Exchange Rate Dynamics; Sticky-Price Macroeconomic Models (search for similar items in EconPapers)
JEL-codes: F4 (search for similar items in EconPapers)
Date: 1995-02
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