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- Real_exchange-rate_puzzles abstract "The real exchange-rate puzzles is a common term for two much-discussed anomalies of real exchange rates: that real exchange rates are more volatile and show more persistence than what most models can account for. These two anomalies are sometimes referred to as the purchasing power parity puzzles.Dornbusch's (1976) exchange rate overshooting hypothesis argued that exchange rate volatility is essentially driven by monetary shocks interacting with sticky prices. This model can account for real exchange rate volatility, but does not say anything about the volatility of relative to output or the persistence of the real exchange rate movements.Chari, Kehoe and McGrattan (2002) showed how a model with two countries and where prices were only allowed to change once-a-year had the potential to simultaneously account for the volatility of U.S. output and real exchange rates.These two anomalies are related to, but should not be confused with, the Backus-Smith consumption-real exchange rate anomaly, which is the observation that in most economic models the correlation between the real exchange rate and relative consumption is high and positive, whereas in the data it ranges from small and positive to negative.Another real-exchange-rate anomaly was documented by Mussa (1986). In this paper Mussa documented that industrial countries which moved from fixed to floating exchange rate regimes experienced dramatic rises in nominal-exchange-rate volatility. Since the volatility increases much more than what can be accounted for by changes in the domestic price levels, it means that the real-exchange-rate volatility increases. This is sometimes referred to as the «Mussa puzzle».Obstfeld and Rogoff (2000) identified the purchasing power and exchange rate disconnect puzzle as one of the six major puzzles in international economics. These were the consumption correlation puzzle, home bias in trade puzzle, the equity home bias puzzle, the Feldstein-Horioka savings-investment correlations puzzle, and the exchange rate regime puzzle. The sixth puzzle is described as "why exchange rates are so volatile and apparently disconnected from fundamentals". Here Obstfeld and Rogoff (2000) quotes the Meese and Rogoff (1983) exchange rate forecasting puzzle and the Baxter and Stockman (1989) neutrality of exchange rate regime puzzle. These two puzzles are closely to the Mussa puzzle as well as the other real exchange rate puzzles.".
- Real_exchange-rate_puzzles wikiPageExternalLink wp2011-17.pdf.
- Real_exchange-rate_puzzles wikiPageID "19062219".
- Real_exchange-rate_puzzles wikiPageLength "4503".
- Real_exchange-rate_puzzles wikiPageOutDegree "20".
- Real_exchange-rate_puzzles wikiPageRevisionID "676073244".
- Real_exchange-rate_puzzles wikiPageWikiLink Backus-Smith_puzzle.
- Real_exchange-rate_puzzles wikiPageWikiLink Backus–Kehoe–Kydland_puzzle.
- Real_exchange-rate_puzzles wikiPageWikiLink Backus–Smith_puzzle.
- Real_exchange-rate_puzzles wikiPageWikiLink Category:Economic_puzzles.
- Real_exchange-rate_puzzles wikiPageWikiLink Category:International_finance.
- Real_exchange-rate_puzzles wikiPageWikiLink Category:International_macroeconomics.
- Real_exchange-rate_puzzles wikiPageWikiLink Consumption_correlation_puzzle.
- Real_exchange-rate_puzzles wikiPageWikiLink Economic_puzzle.
- Real_exchange-rate_puzzles wikiPageWikiLink Equity_home_bias_puzzle.
- Real_exchange-rate_puzzles wikiPageWikiLink Equity_premium_puzzle.
- Real_exchange-rate_puzzles wikiPageWikiLink Exchange_rate.
- Real_exchange-rate_puzzles wikiPageWikiLink Feldstein-Horioka_puzzle.
- Real_exchange-rate_puzzles wikiPageWikiLink Feldstein–Horioka_puzzle.
- Real_exchange-rate_puzzles wikiPageWikiLink Floating_exchange_rate.
- Real_exchange-rate_puzzles wikiPageWikiLink Forward_premium_anomaly.
- Real_exchange-rate_puzzles wikiPageWikiLink Home_bias_in_trade_puzzle.
- Real_exchange-rate_puzzles wikiPageWikiLink Nominal_rigidity.
- Real_exchange-rate_puzzles wikiPageWikiLink Output_(economics).
- Real_exchange-rate_puzzles wikiPageWikiLink Overshooting_model.
- Real_exchange-rate_puzzles wikiPageWikiLink Patrick_J._Kehoe.
- Real_exchange-rate_puzzles wikiPageWikiLink Real_exchange_rate.
- Real_exchange-rate_puzzles wikiPageWikiLink Rudi_Dornbusch.
- Real_exchange-rate_puzzles wikiPageWikiLink Sticky_prices.
- Real_exchange-rate_puzzles wikiPageWikiLink V._V._Chari.
- Real_exchange-rate_puzzles wikiPageWikiLink Volatility_(finance).
- Real_exchange-rate_puzzles wikiPageWikiLinkText "Real exchange-rate puzzles".
- Real_exchange-rate_puzzles wikiPageWikiLinkText "the purchasing power and exchange rate disconnect puzzle".
- Real_exchange-rate_puzzles hasPhotoCollection Real_exchange-rate_puzzles.
- Real_exchange-rate_puzzles wikiPageUsesTemplate Template:Reflist.
- Real_exchange-rate_puzzles subject Category:Economic_puzzles.
- Real_exchange-rate_puzzles subject Category:International_finance.
- Real_exchange-rate_puzzles subject Category:International_macroeconomics.
- Real_exchange-rate_puzzles hypernym Term.
- Real_exchange-rate_puzzles type Field.
- Real_exchange-rate_puzzles comment "The real exchange-rate puzzles is a common term for two much-discussed anomalies of real exchange rates: that real exchange rates are more volatile and show more persistence than what most models can account for. These two anomalies are sometimes referred to as the purchasing power parity puzzles.Dornbusch's (1976) exchange rate overshooting hypothesis argued that exchange rate volatility is essentially driven by monetary shocks interacting with sticky prices.".
- Real_exchange-rate_puzzles label "Real exchange-rate puzzles".
- Real_exchange-rate_puzzles sameAs m.04jkqrr.
- Real_exchange-rate_puzzles sameAs Q7301154.
- Real_exchange-rate_puzzles sameAs Q7301154.
- Real_exchange-rate_puzzles wasDerivedFrom Real_exchange-rate_puzzles?oldid=676073244.
- Real_exchange-rate_puzzles isPrimaryTopicOf Real_exchange-rate_puzzles.