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Fluctuations internationales et dynamique du taux de change

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  • Jean-Olivier Hairault
  • Thepthida Sopraseuth

Abstract

This article offers a review of the literature on intertemporal stochastic general equilibrium (ISGE) models in an open economy. The basic international ISGEmodel cannot describe the cyclical synchronization ofGDPsobserved in the data, theweak cross-correlation of consumption aggregates, or the sharp swings in the exchange rate.These empirical enigmas have fostered a series of theoretical enhancements to make themodels more consistent with the data. The contribution by Obstfeld and Rogoff (1995) is unquestionably a reference model, as it offers a microeconomic foundation for an open-economy Keynesian framework. Recent studies have attempted to go beyond the neo-Keynesian model by incorporating elements from international-trade and portfolio-choice theories.

Suggested Citation

  • Jean-Olivier Hairault & Thepthida Sopraseuth, 2008. "Fluctuations internationales et dynamique du taux de change," Economie & Prévision, La Documentation Française, vol. 0(2), pages 65-91.
    • Handle: RePEc:cai:ecoldc:ecop_183_0065
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    Cited by:

    1. Tsasa Vangu, Jean-Paul Kimbambu, 2014. "Diagnostic de la politique monétaire en Rép. Dém. Congo – Approche par l’Equilibre Général Dynamique Stochastique," Dynare Working Papers 38, CEPREMAP.

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