This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Why Is the Business-Cycle Behaviour of Fundamentals Alike across Exchange-Rate Regimes? Author info | Abstract | Publisher info | Download info | Related research | Statistics Dedola, Luca
Leduc, Sylvain
Additional information is available for the following
registered author(s):
Since the adoption of flexible exchange rates, real exchange rates have been much more volatile than they were under Bretton Woods. However, the volatilities of most other macroeconomic variables have remained approximately unchanged. This poses a puzzle for standard international business cycle models. This paper develops a two-country, two-sector model with nominal rigidities featuring deviations from the law of one price due to firms setting prices in buyers currencies. By partially insulating good, markets across countries and thus mitigating the international expenditure-switching effect, this pricing behaviour is found to considerably dampen the responses of quantities to shocks hitting the economies therefore helping to account for the puzzle. Copyright @ 2001 by John Wiley & Sons, Ltd. All rights reserved.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Article provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics .
Volume (Year): 6 (2001)
Issue (Month): 4 (October)
Pages: 401-19
Download reference. The following formats are available: HTML ,
plain text ,
BibTeX ,
RIS (EndNote),
ReDIF
Handle: RePEc:ijf:ijfiec:v:6:y:2001:i:4:p:401-19Contact details of provider: Web page: http://www.interscience.wiley.com/jpages/1076-9307/
Order Information: Web: http://jws-edcv.wiley.com/jcatalog/JournalsCatalogOrder/JournalOrder?PRINT_ISSN=1076-9307
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Keywords: Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Matteo Bugamelli, 2001.
"Il modello di specializzazione internazionale dell'Italia e dei principali paesi europei: omogeneità e convergenza ,"
Temi di discussione (Economic working papers)
402, Bank of Italy, Economic Research Department.
[Downloadable!]
Betts, Caroline & Devereux, Michael B., 2000.
"Exchange rate dynamics in a model of pricing-to-market ,"
Journal of International Economics ,
Elsevier, vol. 50(1), pages 215-244, February.
[Downloadable!] (restricted)
David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1993.
"International Business Cycles: Theory and Evidence ,"
Working Papers
93-21, New York University, Leonard N. Stern School of Business, Department of Economics.
Other versions: Giovanni D'Alessio & Luigi Federico Signorini, 2000.
"Disuguaglianza dei redditi individuali e ruolo della famiglia in Italia ,"
Temi di discussione (Economic working papers)
390, Bank of Italy, Economic Research Department.
[Downloadable!]
Massimo Sbracia & Andrea Zaghini, 2000.
"Expectations and information in second generation currency crises models ,"
Temi di discussione (Economic working papers)
391, Bank of Italy, Economic Research Department.
[Downloadable!]
Other versions:
Sbracia, M. & Zaghini, A., 2000.
"Expectations and Information in Second Generation Currency Crises Models ,"
Papers
391, Banca Italia - Servizio di Studi.
Massimo Sbracia & Andrea Zaghini, 2000.
"Expectations and Information in Second Generation Currency Crises Models ,"
Econometric Society World Congress 2000 Contributed Papers
0462, Econometric Society.
[Downloadable!] Sbracia, Massimo & Zaghini, Andrea, 2001.
"Expectations and information in second generation currency crises models ,"
Economic Modelling ,
Elsevier, vol. 18(2), pages 203-222, April.
[Downloadable!] (restricted) Rauch, James E., 1999.
"Networks versus markets in international trade ,"
Journal of International Economics ,
Elsevier, vol. 48(1), pages 7-35, June.
[Downloadable!] (restricted)
Other versions: V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 1997.
"Monetary Shocks and Real Exchange Rates in Sticky Price Models of International Business Cycles ,"
NBER Working Papers
5876, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Susanto Basu & Alan M. Taylor, 1999.
"Business Cycles in International Historical Perspective ,"
Journal of Economic Perspectives ,
American Economic Association, vol. 13(2), pages 45-68, Spring.
[Downloadable!] (restricted)
Other versions: Obstfeld, Maurice & Rogoff, Kenneth, 1995.
"Exchange Rate Dynamics Redux ,"
CEPR Discussion Papers
1131, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Maurice Obstfeld and Kenneth Rogoff., 1995.
"Exchange Rate Dynamics Redux ,"
Center for International and Development Economics Research (CIDER) Working Papers
C95-048, University of California at Berkeley.
Maurice Obstfeld & Kenneth Rogoff, 1996.
"Exchange Rate Dynamics Redux ,"
NBER Working Papers
4693, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Obstfeld, Maurice & Rogoff, Kenneth, 1995.
"Exchange Rate Dynamics Redux ,"
Journal of Political Economy ,
University of Chicago Press, vol. 103(3), pages 624-60, June.
[Downloadable!] (restricted) Fabio Panetta, 2001.
"The Stability of the Relation between the Stock Market and Macroeconomic Forces ,"
Temi di discussione (Economic working papers)
393, Bank of Italy, Economic Research Department.
[Downloadable!]
Fabio Fornari & Antonio Mele, 2001.
"Recovering the Probability Density Function of Asset Prices Using GARCH as Diffusion Approximations ,"
Temi di discussione (Economic working papers)
396, Bank of Italy, Economic Research Department.
[Downloadable!]
Other versions:
F. Fornari & A. Mele, 2000.
"Recovering the Probability Density Function of Asset Prices using Garch as Diffusion Approximations ,"
THEMA Working Papers
2000-12, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
[Downloadable!] Fornari, Fabio & Mele, Antonio, 2001.
"Recovering the probability density function of asset prices using garch as diffusion approximations ,"
Journal of Empirical Finance ,
Elsevier, vol. 8(1), pages 83-110, March.
[Downloadable!] (restricted) Stockman, Alan C & Tesar, Linda L, 1995.
"Tastes and Technology in a Two-Country Model of the Business Cycle: Explaining International Comovements ,"
American Economic Review ,
American Economic Association, vol. 85(1), pages 168-85, March.
[Downloadable!] (restricted)
Other versions:
Alan C. Stockman & Linda L. Tesar, 1995.
"Tastes and Technology in a Two-Country Model of the Business Cycle: Explaining International Comovements ,"
NBER Working Papers
3566, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Alan C. Stockman & Linda L. Tesar, 1991.
"Tastes and technology in a two-country model of the business cycle: explaining international co-movements ,"
Working Paper
9019, Federal Reserve Bank of Cleveland.
[Downloadable!] Stockman, A.C. & Tesar, L.L., 1990.
"Tastes And Technology In A Two-Country Model Of The Business Cycle: Explaining International Comovements ,"
University of California Santa Barbara - Department of Economics
16-90, California Santa Barbara - Department of Economics.
Duarte, Margarida, 2003.
"Why don't macroeconomic quantities respond to exchange rate variability? ,"
Journal of Monetary Economics ,
Elsevier, vol. 50(4), pages 889-913, May.
[Downloadable!] (restricted)
Hairault, Jean-Olivier & Portier, Franck, 1993.
"Money, New-Keynesian macroeconomics and the business cycle ,"
European Economic Review ,
Elsevier, vol. 37(8), pages 1533-1568, December.
[Downloadable!] (restricted)
Other versions: Giuseppe Grande & Luigi Ventura, 2001.
"Labor Income and Risky Assets under Market Incompleteness: Evidence from Italian Data ,"
Temi di discussione (Economic working papers)
399, Bank of Italy, Economic Research Department.
[Downloadable!]
Other versions: Engel, Charles & Rogers, John H, 1996.
"How Wide Is the Border? ,"
American Economic Review ,
American Economic Association, vol. 86(5), pages 1112-25, December.
[Downloadable!] (restricted)
Other versions:
Charles Engel & John H. Rogers, 1994.
"How Wide is the Border? ,"
NBER Working Papers
4829, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Charles Engel & John H. Rogers, 1995.
"How wide is the border? ,"
International Finance Discussion Papers
498, Board of Governors of the Federal Reserve System (U.S.).
Engel, C. & Rogers, J.H., 1995.
"How Wide is the Border? ,"
Papers
4-95-16, Pennsylvania State - Department of Economics.
Charles Engel & John H. Rogers, 1995.
"How wide is the border? ,"
Research Working Paper
95-09, Federal Reserve Bank of Kansas City.
[Downloadable!] Ignazio Angeloni & Luca Dedola, 1999.
"From the ERM to the euro: new evidence on economic and policy convergence among EU countries ,"
Working Paper Series
4, European Central Bank.
[Downloadable!]
Other versions: cipollone piero, 2001.
"Is the Italian Labour market segmented? ,"
Temi di discussione (Economic working papers)
400, Bank of Italy, Economic Research Department.
[Downloadable!]
Michael B. Devereux, 1997.
"Real Exchange Rates and Macroeconomics: Evidence and Theory ,"
Canadian Journal of Economics ,
Canadian Economics Association, vol. 30(4), pages 773-808, November.
Stefano Siviero & Daniele Terlizzese, 2001.
"Macroeconomic forecasting: Debunking a few old wives' tales ,"
Temi di discussione (Economic working papers)
395, Bank of Italy, Economic Research Department.
[Downloadable!]
Robert G. King & Mark W. Watson, 1995.
"Money, prices, interest rates and the business cycle ,"
Working Paper Series, Macroeconomic Issues
95-10, Federal Reserve Bank of Chicago.
Other versions:
King, Robert G & Watson, Mark W, 1996.
"Money, Prices, Interest Rates and the Business Cycle ,"
The Review of Economics and Statistics ,
MIT Press, vol. 78(1), pages 35-53, February.
[Downloadable!] (restricted) Sopraseuth, T., 1999.
"Exchange Rate Regimes and Business Cycle Properties: Some Stylized Facts ,"
Papers
1999.51, Paris I - Economie Mathematique et Applications.
David K. Backus & Gregor W. Smith, 1992.
"Consumption and Real Exchange Rates in Dynamic Exchange Economies with Nontraded Goods ,"
Working Papers
92-7, New York University, Leonard N. Stern School of Business, Department of Economics.
Emilia Bonaccorsi di Patti & Giorgio Gobbi, 2001.
"The Effects of Bank Consolidation and Market Entry on Small Business Lending ,"
Temi di discussione (Economic working papers)
404, Bank of Italy, Economic Research Department.
[Downloadable!]
Marcello Pericoli & Massimo Sbracia, 2001.
"A Primer on Financial Contagion ,"
Temi di discussione (Economic working papers)
407, Bank of Italy, Economic Research Department.
[Downloadable!]
Other versions: Flood, Robert P. & Rose, Andrew K., 1995.
"Fixing exchange rates A virtual quest for fundamentals ,"
Journal of Monetary Economics ,
Elsevier, vol. 36(1), pages 3-37, August.
[Downloadable!] (restricted)
Other versions:
Flood, Robert P & Rose, Andrew K, 1993.
"Fixing Exchange Rates: A Virtual Quest for Fundamentals ,"
CEPR Discussion Papers
838, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Robert P. Flood & Andrew K. Rose, 1993.
"Fixing Exchange Rates: A Virtual Quest for Fundamentals ,"
NBER Working Papers
4503, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Flood, R.P. & Rose, A.K., 1992.
"Fixing Exchange Rates: A Virtual Quest for Fundamentals ,"
Papers
529, Stockholm - International Economic Studies.
Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 1998.
"Modeling Money ,"
NBER Working Papers
6371, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Patrizio Pagano & Fabiano Schivardi, 2001.
"Firm Size Distribution and Growth ,"
Temi di discussione (Economic working papers)
394, Bank of Italy, Economic Research Department.
[Downloadable!]
Other versions: Charles Engel, 1999.
"Accounting for U.S. Real Exchange Rate Changes ,"
Journal of Political Economy ,
University of Chicago Press, vol. 107(3), pages 507-538, June.
[Downloadable!] (restricted)
Other versions:
Engel, C., 1996.
"Accounting for U.S. Real Exchange Rate Changes ,"
Discussion Papers in Economics at the University of Washington
96-02, Department of Economics at the University of Washington.
Charles Engel, 1995.
"Accounting for U.S. Real Exchange Rate Changes ,"
NBER Working Papers
5394, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Engel, C., 1996.
"Accounting for U.S. Real Exchange Rate Changes ,"
Working Papers
96-02, University of Washington, Department of Economics.
Stockman, Alan C. & Stockman, Alan C., 1983.
"Real exchange rates under alternative nominal exchange-rate systems ,"
Journal of International Money and Finance ,
Elsevier, vol. 2(2), pages 147-166, August.
[Downloadable!] (restricted)
Taylor, John B., 1993.
"Discretion versus policy rules in practice ,"
Carnegie-Rochester Conference Series on Public Policy ,
Elsevier, vol. 39, pages 195-214, December.
[Downloadable!] (restricted)
Fabio Fornari & Antonio Mele, 2001.
"A Simple Approach to the Estimation of Continuous Time CEV Stochastic Volatility Models of the Short-Term Rate ,"
Temi di discussione (Economic working papers)
397, Bank of Italy, Economic Research Department.
[Downloadable!]
Robert Miguel W. K. Kollman, 1997.
"The Exchange Rate in a Dynamic-Optimizing Current Account Model with Nominal Rigidities: A Quantitative Investigation ,"
IMF Working Papers
97/7, International Monetary Fund.
Rotemberg, Julio J, 1982.
"Monopolistic Price Adjustment and Aggregate Output ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 49(4), pages 517-31, October.
[Downloadable!] (restricted)
Bennett T. McCallum & Edward Nelson, 2000.
"An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis ,"
NBER Working Papers
5875, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Bennett T. McCallum & Edward Nelson, .
"An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis ,"
GSIA Working Papers
1997-71, Carnegie Mellon University, Tepper School of Business.
McCallum, Bennett T & Nelson, Edward, 1999.
"An Optimizing IS-LM Specification for Monetary Policy and Business Cycle Analysis ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 31(3), pages 296-316, August.
Kollmann, Robert, 1995.
"Consumption, real exchange rates and the structure of international asset markets ,"
Journal of International Money and Finance ,
Elsevier, vol. 14(2), pages 191-211, April.
[Downloadable!] (restricted)
Other versions:
Kollmann, R., 1992.
"Consumption, Real Exchange Rates and the Structure of International Asset Markets ,"
Cahiers de recherche
9232, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
Kollmann, R., 1992.
"Consumption, Real Exchange Rates and the Structure of International Asset Markets ,"
Cahiers de recherche
9232, Universite de Montreal, Departement de sciences economiques.
Piero Cipollone, 2001.
"La convergenza dei salari manifatturieri in Europa ,"
Temi di discussione (Economic working papers)
398, Bank of Italy, Economic Research Department.
[Downloadable!]
De Bonis, R. & Ferrando, A., 2000.
"The Multimarket Contacts Theory: An Application to Italian Banks ,"
Papers
387, Banca Italia - Servizio di Studi.
Rotemberg, Julio J., 1996.
"Prices, output, and hours: An empirical analysis based on a sticky price model ,"
Journal of Monetary Economics ,
Elsevier, vol. 37(3), pages 505-533, June.
[Downloadable!] (restricted)
Other versions: Pinelopi Koujianou Goldberg & Michael M. Knetter, 1997.
"Goods Prices and Exchange Rates: What Have We Learned? ,"
Journal of Economic Literature ,
American Economic Association, vol. 35(3), pages 1243-1272, September.
[Downloadable!] (restricted)
Other versions: Richard Clarida & Jordi Galí & Mark Gertler, 2000.
"Monetary Policy Rules And Macroeconomic Stability: Evidence And Some Theory ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 115(1), pages 147-180, February.
[Downloadable!] (restricted)
Other versions:
Clarida, Richard & Galí, Jordi & Gertler, Mark, 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
CEPR Discussion Papers
1908, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Richard Clarida & Jordi Gali & Mark Gertler, 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
NBER Working Papers
6442, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Richard Clarida & Jordi Galí & Mark Gertler, 1997.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
Economics Working Papers
350, Department of Economics and Business, Universitat Pompeu Fabra, revised May 1999.
[Downloadable!] Clarida, R. & Gali, J. & Gertler, M., 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and some Theory ,"
Working Papers
98-01, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Ireland, Peter N., 1997.
"A small, structural, quarterly model for monetary policy evaluation ,"
Carnegie-Rochester Conference Series on Public Policy ,
Elsevier, vol. 47, pages 83-108, December.
[Downloadable!] (restricted)
Baxter, Marianne & Crucini, Mario J, 1993.
"Explaining Saving-Investment Correlations ,"
American Economic Review ,
American Economic Association, vol. 83(3), pages 416-36, June.
[Downloadable!] (restricted)
Other versions: Ohanian, Lee E & Stockman, Alan C & Kilian, Lutz, 1995.
"The Effects of Real and Monetary Shocks in a Business Cycle Model with Some Sticky Prices ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 27(4), pages 1209-34, November.
[Downloadable!] (restricted)
Other versions: Riccardo De Bonis & Annalisa Ferrando, 2000.
"The multimarket contacts theory; an application to Italian banks ,"
Temi di discussione (Economic working papers)
387, Bank of Italy, Economic Research Department.
[Downloadable!]
Kollman, R., 1996.
"The Exchange Rate in a Dynamic-Optimizing Current Account Model with Nominal Rigidities: A Quantitative Investigation ,"
Cahiers de recherche
9614, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
Other versions: Mark A. Wynne, 1995.
"Sticky prices: what is the evidence? ,"
Economic and Financial Policy Review ,
Federal Reserve Bank of Dallas, issue Q I, pages 1-12.
[Downloadable!]
Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998.
"Monetary policy rules in practice Some international evidence ,"
European Economic Review ,
Elsevier, vol. 42(6), pages 1033-1067, June.
[Downloadable!] (restricted)
Other versions:
Richard Clarida & Jordi Gali & Mark Gertler, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
NBER Working Papers
6254, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Clarida, Richard & Gali, Jordi & Gertler, Mark, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
Working Papers
97-32, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Clarida, Richard & Galí, Jordi & Gertler, Mark, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
CEPR Discussion Papers
1750, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Dedola, Luca & Lippi, Francesco, 2005.
"The monetary transmission mechanism: Evidence from the industries of five OECD countries ,"
European Economic Review ,
Elsevier, vol. 49(6), pages 1543-1569, August.
[Downloadable!] (restricted)
Other versions:
Dedola, L. & Lippi, F., 2000.
"The Monetary Transmission Mechanism: Evidence from the Industries of Five OECD Countries ,"
Papers
389, Banca Italia - Servizio di Studi.
Dedola, Luca & Lippi, Francesco, 2000.
"The Monetary Transmission Mechanism: Evidence from the Industries of Five OECD Countries ,"
CEPR Discussion Papers
2508, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Luca Dedola & Francesco Lippi, 2000.
"The monetary transmission mechanism; evidence from the industries of five OECD countries ,"
Temi di discussione (Economic working papers)
389, Bank of Italy, Economic Research Department.
[Downloadable!] Giancarlo Corsetti & Marcello Pericoli & Massimo Sbracia, 2001.
"Correlation Analysis of Financial Contagion: What One Should Know Before Running a Test ,"
Working Papers
822, Economic Growth Center, Yale University.
[Downloadable!]
Other versions: Calvo, Guillermo A., 1983.
"Staggered prices in a utility-maximizing framework ,"
Journal of Monetary Economics ,
Elsevier, vol. 12(3), pages 383-398, September.
[Downloadable!] (restricted)
Tommaso Monacelli, 1999.
"Into the Mussa Puzzle: Monetary Policy Regimes and the Real Exchange Rate in a Small Open Economy ,"
Boston College Working Papers in Economics
437, Boston College Department of Economics, revised 15 Sep 2000.
[Downloadable!]
Chiara Bentivogli & Paola Monti, 2001.
"International Transmission Via Trade Links: Theoretically Consistent Indicators of Interdependence for Latin America and South-East Asia ,"
Temi di discussione (Economic working papers)
410, Bank of Italy, Economic Research Department.
[Downloadable!]
Francesco Lippi, 2000.
"Revisiting the Case for a Populist Central Banker ,"
Temi di discussione (Economic working papers)
386, Bank of Italy, Economic Research Department.
[Downloadable!]
Other versions:
Lippi, F., 2000.
"Revisiting the Case for a Populist Central Banker ,"
Papers
386, Banca Italia - Servizio di Studi.
Lippi, Francesco, 1999.
"Revisiting the Case for a Populist Central Banker ,"
CEPR Discussion Papers
2306, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Lippi, Francesco, 2002.
"Revisiting the case for a populist central banker ,"
European Economic Review ,
Elsevier, vol. 46(3), pages 601-612, March.
[Downloadable!] (restricted) Massimo Sbracia & Andrea Zaghini, 2001.
"The Role of the Banking System in the International Transmission of Shocks ,"
Temi di discussione (Economic working papers)
409, Bank of Italy, Economic Research Department.
[Downloadable!]
Other versions:
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.) This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page .
Access and
download statistics Did you know? All RePEc services are meant to be be free forever, as they are all run by volunteers.
This page was last updated on 2008-8-11.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .