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A Stochastic Equilibrium Model of an Open Economy Under Flexible Exchange Rates

Author

Listed:
  • Robert J. Barro

Abstract

I. Setup of the model, 149. — II. Determination of the exchange rate and the expected future exchange rate, 154. — III. Effects of exogenous variables, 156. — IV. Incomplete current information, 159. — V. Concluding remarks, 161.

Suggested Citation

  • Robert J. Barro, 1978. "A Stochastic Equilibrium Model of an Open Economy Under Flexible Exchange Rates," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 92(1), pages 149-164.
  • Handle: RePEc:oup:qjecon:v:92:y:1978:i:1:p:149-164.
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    File URL: http://hdl.handle.net/10.2307/1886002
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    Citations

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    Cited by:

    1. Hwang, Chiun-Lin, 1989. "Optimal monetary policy in an open macroeconomic model with rational expectation," ISU General Staff Papers 1989010108000010197, Iowa State University, Department of Economics.
    2. Willem H. Buiter & Jonathan Eaton, 1980. "Policy Decentralization and Exchange Rate Management in Interdependent Economies," NBER Working Papers 0531, National Bureau of Economic Research, Inc.
    3. Dan Lee, 1983. "Effects of Open Market Operations and Foreign Exchange Market Operations under Flexible Exchange Rates," NBER Chapters, in: The International Transmission of Inflation, pages 349-379, National Bureau of Economic Research, Inc.
    4. Obstfeld, Maurice & Stockman, Alan C., 1985. "Exchange-rate dynamics," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 18, pages 917-977, Elsevier.
    5. Patricio Mujica, 1988. "Políticas de Tipo de Cambio: Un Modelo de Tres Países," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 25(75), pages 197-214.
    6. Rudiger Dornbusch, 1981. "Exchange Rate Rules and Macroeconomic Stability," Palgrave Macmillan Books, in: John Williamson (ed.), Exchange Rate Rules, chapter 3, pages 55-67, Palgrave Macmillan.
    7. Mr. Guillermo Calvo & Mr. Carlos A. Végh Gramont, 1992. "Currency Substitution in Developing Countries: An Introduction," IMF Working Papers 1992/040, International Monetary Fund.
    8. Peter Isard, 1980. "Expected and unexpected changes in exchange rates: the roles of relative price levels, balance-of-payments factors, interest rates and risk," International Finance Discussion Papers 156, Board of Governors of the Federal Reserve System (U.S.).
    9. Harkness, Jon P., 1980. "Opec Versus A Large Open Economy: A Stochastic Equilibrium Model," Queen's Institute for Economic Research Discussion Papers 275171, Queen's University - Department of Economics.
    10. Threemonkong, Attapol, 1992. "An intertemporal-optimizing general equilibrium model of exchange rates and external imbalances," ISU General Staff Papers 1992010108000012961, Iowa State University, Department of Economics.
    11. Sebastian Edwards, 1981. "Floating Excahnge Rates, Exectations and New Information," UCLA Economics Working Papers 227, UCLA Department of Economics.
    12. Edwards, Sebastian, 1983. "Floating exchange rates, expectations and new information," Journal of Monetary Economics, Elsevier, vol. 11(3), pages 321-336.
    13. Peter Isard, 1980. "Factors determining exchange rates: the roles of relative price levels, balances of payments, interest rates and risk," International Finance Discussion Papers 171, Board of Governors of the Federal Reserve System (U.S.).
    14. Benjamin Eden, 1980. "On the Use of Local Currency When Less Inflationary Currencies are Available: An Overlapping Generations Model," UCLA Economics Working Papers 187, UCLA Department of Economics.
    15. Peter Isard, 1980. "Factors determining exchange rates: the roles of relative price levels, balances of payments, interest rates and risk," BIS Working Papers 4, Bank for International Settlements.

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