Advanced Search
MyIDEAS: Login to save this article or follow this journal

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

Contents:

Author Info

  • Jean-Olivier Hairault
  • Lise Patureau
  • Thepthida Sopraseuth

Abstract

[fre] D'après Dornbusch [1976], la forte volatilité du taux de change nominal observée depuis la chute du système de Bretton Woods proviendrait d'une sur-réaction du taux de change aux politiques monétaires. Cet article évalue quantitativement la pertinence empirique de cette intuition dans le cadre de référence de la Nouvelle macroéconomie internationale. Plus précisément, nous proposons un modèle international d'équilibre général intertemporel caractérisé par des frictions sur le marché des fonds prêtables. À la suite d'une expansion monétaire, le modèle engendre un effet liquidité persistant associé à un surajustement du taux de change nominal. L'ampleur de ce dernier permet effectivement de mieux comprendre la forte varia­bilité du taux de change nominal. [eng] In the spirit of Dornbusch [1976], the overshooting ofthe 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 proposai 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.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.persee.fr/web/revues/home/prescript/article/reco_0035-2764_2002_num_53_3_410438
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

File URL: http://www.persee.fr/articleAsPDF/reco_0035-2764_2002_num_53_3_410438/reco_0035-2764_2002_num_53_3_410438.pdf?mode=light
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

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.

Bibliographic Info

Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 53 (2002)
Issue (Month): 3 ()
Pages: 689-697

as in new window
Handle: RePEc:prs:reveco:reco_0035-2764_2002_num_53_3_410438

Note: DOI:10.2307/3502998
Contact details of provider:
Web page: http://www.persee.fr/web/revues/home/prescript/revue/reco

Related research

Keywords:

Other versions of this item:

Find related papers by JEL classification:

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_2002_num_53_3_410438. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.