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Pricing-To-Market and International Business Cycle

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Author Info

  • Sopraseuth, T.

Abstract

Empirical evidence suggest that nominal shocks play a major role in explaining real exchange rate fluctuations. I thus develop a two-country monopolistic competition model with nominal impulses, adjustement costs and price discrimination. I gauge the ability of the model to solve the quantity puzzle and the price puzzle. Indeed, nominal rigidities, monetary impulses and market segmentation are key ingredients for solving the price anomaly and the quantity anomaly. However, I find that, in that kind of model, there is a trade off between replicating the cross country correlations of output and consumption and accounting for the variability of the real exchange rate.

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Bibliographic Info

Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Papiers d'Economie Mathématique et Applications with number 1999.54.

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Length: 46 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:fth:pariem:1999.54

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Postal: France; Universite de Paris I - Pantheon- Sorbonne, 12 Place de Pantheon-75005 Paris, France
Phone: + 33 44 07 81 00
Fax: + 33 1 44 07 83 01
Web page: http://cermsem.univ-paris1.fr/
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Keywords: PRICING ; BUSINESS CYCLES;

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Cited by:
  1. Lise Patureau, 2002. "Pricing-to-market and limited participation : a joint explanation to the exchange rate disconnect puzzle," Computing in Economics and Finance 2002 299, Society for Computational Economics.

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