Can Equilibrium Models Replicate the Stochastic Properties of the Exchange Rates?/¿Se pueden replicar las propiedades estocásticas del tipo de cambio con un modelo de Equilibrio?
The two-country monetary model has become a fundamental tool for explaining the behavior of the exchange rate. However, the popularity of this approach is not justifi ed by its empirical support. One of the reasons for the empirical “failure” of exchange rate models could be the econometric approach applied. In this paper, an alternative procedure for evaluating the fi t of dynamic equilibrium models of exchange rate is suggested. This approach is applied to three theoretical models: Lucas (1982), Svensson (1985), and Grilli and Roubini (1992). El modelo monetario de dos países y dos bienes se ha convertido en una herramienta fundamental para explicar el comportamiento del tipo de cambio. Sin embargo, la popularidad de este enfoque no viene justifi cada por el apoyo empírico que se ha encontrado en la literatura. Una de las razones que pueden explicar este “fracaso” podría ser el enfoque econométrico utilizado al contrastarlos. En este artículo, se propone un procedimiento alternativo para evaluar la capacidad de ajuste de los modelos de equilibrio del tipo de cambio y se aplica sobre tres modelos teóricos: Lucas (1982), Svensson (1985) y Grilli y Roubini (1992).
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.
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.
Volume (Year): 24 (2006)
Issue (Month): (Abril)
|Contact details of provider:|| Postal: Beatriz Rodríguez Prado. Facultad de CC.EE. y EE. Avda. Valle del Esgueva. Valladolid 47011 SPAIN|
Phone: (34) 983 423320
Fax: (34) 983 184568
Web page: http://www.revista-eea.net
More information through EDIRC
|Order Information:|| Web: http://www.revista-eea.net Email: |
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.:
- Becker, William E. & Rosen, Sherwin, 1992.
"The learning effect of assessment and evaluation in high school,"
Economics of Education Review,
Elsevier, vol. 11(2), pages 107-118, June.
- Becker, W. & Rosen, S., 1990. "The Learning Effect Of Assessment And Evaluation In High School," University of Chicago - Economics Research Center 90-7, Chicago - Economics Research Center.
- Biddle, Jeff E & Hamermesh, Daniel S, 1990. "Sleep and the Allocation of Time," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 922-943, October.
- Jeff E. Biddle & Daniel S. Hamermesh, 1989. "Sleep and the Allocation of Time," NBER Working Papers 2988, National Bureau of Economic Research, Inc.
- Casey B. Mulligan & Barbara Schneider & Rurtin Wolfe, 2000. "Time Use and Population Representation in the Sloan Study of Adolescents," NBER Technical Working Papers 0265, National Bureau of Economic Research, Inc.
- James Heckman & Edward Vytlacil, 2001. "Identifying The Role Of Cognitive Ability In Explaining The Level Of And Change In The Return To Schooling," The Review of Economics and Statistics, MIT Press, vol. 83(1), pages 1-12, February.
- James Heckman & Edward Vytlacil, 2000. "Identifying the Role of Cognitive Ability in Explaining the Level of and Change in the Return to Schooling," NBER Working Papers 7820, National Bureau of Economic Research, Inc.
- Amemiya, Takeshi, 1973. "Regression Analysis when the Dependent Variable is Truncated Normal," Econometrica, Econometric Society, vol. 41(6), pages 997-1016, November.
- Dolton, Peter & Marcenaro, Oscar D. & Navarro, Lucia, 2003. "The effective use of student time: a stochastic frontier production function case study," Economics of Education Review, Elsevier, vol. 22(6), pages 547-560, December.
- Peter Dolton & Oscar Marcenaro & Lucia Navarro, 2001. "The effective use of student time: A stochastic frontier production function case study," CEE Discussion Papers 0010, Centre for the Economics of Education, LSE.
- Kooreman, Peter & Kapteyn, Arie, 1987. "A Disaggregated Analysis of the Allocation of Time within the Household," Journal of Political Economy, University of Chicago Press, vol. 95(2), pages 223-249, April.
- Kooreman, P. & Kapteyn, A.J., 1984. "A disaggregated analysis of the allocation of time within the household," Research Memorandum FEW 153, Tilburg University, School of Economics and Management.
- Stephen Devadoss & John Foltz, 1996. "Evaluation of Factors Influencing Student Class Attendance and Performance," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(3), pages 499-507.
- McDonald, John F & Moffitt, Robert A, 1980. "The Uses of Tobit Analysis," The Review of Economics and Statistics, MIT Press, vol. 62(2), pages 318-321, May. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:lrk:eeaart:24_1_12. 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: (Beatriz Rodríguez Prado)
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.