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Revision of Exchange-Rate Determination in the MCM

In: Exchange Rates in Multicountry Econometric Models

Author

Listed:
  • Peter Hooper
  • Richard D. Haas
  • Steven A. Symansky
  • Mustapha K. Nabli

Abstract

This paper presents the results of work in progress to revise the exchange-rate determination properties of the Federal Reserve Board’s Multi-Country Model (MCM). The MCM is a medium to large scale quarterly econometric model of five countries — the United States, Canada, Germany, Japan and the United Kingdom — as well as an abbreviated rest-of-world sector. The single country models vary in size from 200 to 300 behavioural equations and identities each, including fully developed domestic income and expenditure sectors, price and wage determination, money markets and international transactions sectors. Since the focus of the MCM is on international linkages, particular attention is paid to international transactions and exchange rates. Trade flows are determined bilaterally and service account and private and official capital flows multilaterally. Bilateral exchange rates for the dollar against the mark, yen, pound and Canadian dollar are determined endogenously.

Suggested Citation

  • Peter Hooper & Richard D. Haas & Steven A. Symansky & Mustapha K. Nabli, 1983. "Revision of Exchange-Rate Determination in the MCM," Palgrave Macmillan Books, in: Paul Grauwe & Theo Peeters (ed.), Exchange Rates in Multicountry Econometric Models, chapter 7, pages 210-238, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17286-3_7
    DOI: 10.1007/978-1-349-17286-3_7
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    Cited by:

    1. Agnès Bénassy & Henri Sterdyniak, 1992. "La détermination des taux de change dans les modèles multinationaux : l'état de l'art," Économie et Prévision, Programme National Persée, vol. 104(3), pages 39-71.
    2. Alpo Willman, 1989. "If the markka floated : simulating the BOF4 model with fixed and floating exchange rates," Finnish Economic Papers, Finnish Economic Association, vol. 2(1), pages 3-19, Spring.
    3. repec:zbw:bofrdp:1988_017 is not listed on IDEAS

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