Real Exchange Rates And Commodity Prices In Neoclassical Model
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Real Exchange Rates And Commodity Prices In Neoclassical Model
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1988-06-30
Real Exchange Rates And Commodity Prices In Neoclassical Model written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-06-30 with Business & Economics categories.
This paper presents a neoclassical model that explains the observed empirical relationship between government spending and world commodity supplies and the real exchange rate and real commodity prices. It is shown that fiscal expansion and increasing world commodity supplies simultaneously lead to an appreciation of the real exchange rate and a decline in relative commodity prices. This structural model is estimated and its forecasting performance is compared to a variety of models. We find that theory and structure help in predicting commodity prices, although not the exchange rate, and that predictive ability increases as the forecast horizon is lengthened. MASTER FILES ROOM C-130 001
Real Exchange Rates And Commodity Prices In A Neoclassical Model
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Author : Carmen M. Reinhart
language : en
Publisher:
Release Date : 2006
Real Exchange Rates And Commodity Prices In A Neoclassical Model written by Carmen M. Reinhart and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper presents a neoclassical model that explains the observed empirical relationship between government spending and world commodity supplies and the real exchange rate and real commodity prices. It is shown that fiscal expansion and increasing world commodity supplies simultaneously lead to an appreciation of the real exchange rate and a decline in relative commodity prices. This structural model is estimated and its forecasting performance is compared to a variety of models. We find that theory and structure help in predicting commodity prices, although not the exchange rate, and that predictive ability increases as the forecast horizon is lengthened.
The Irreconcilable Inconsistencies Of Neoclassical Macroeconomics
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Author : John Weeks
language : en
Publisher: Routledge
Release Date : 2012-02-23
The Irreconcilable Inconsistencies Of Neoclassical Macroeconomics written by John Weeks and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-02-23 with Business & Economics categories.
In the course of this book it is argued that the loss of what is essentially "macro" in Keynes is the result of a preference for a form of equilibrium analysis that gives unqualified support to the ideology of free markets. In the case of Marx, his theory of exploitation and from this the stress on class struggle, led to an almost complete neglect of his contribution to the analysis of the aggregate demand and supply of commodities.
A Theory Of Exchange Rate
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Author : Se Don Shin
language : en
Publisher:
Release Date : 1984
A Theory Of Exchange Rate written by Se Don Shin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Capital movements categories.
Sticky Exchange Rates And Flexible Prices
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Author : Ms.Anne Marie Gulde
language : en
Publisher: International Monetary Fund
Release Date : 1991-12-01
Sticky Exchange Rates And Flexible Prices written by Ms.Anne Marie Gulde and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-12-01 with Business & Economics categories.
Real exchange rate variability tends to be higher under flexible than under fixed exchange rates. The neokeynesian view attributes the higher variability to the combination of volatile nominal exchange rates with sticky prices. The neoclassical approach regards an increased incidence of real shocks as the culprit. We test the crucial assumptions underlying the two models for the interwar period. Prices and exchange rates are found to be equally flexible. We hence reject the neokeynesian sticky price view for our sample period. In contrast, our results are consistent with, while not constituting evidence for, the neoclassical equilibrium approach.
Real Exchange Rates And Commodity Prices
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Author : Dominique Y. Dupont
language : en
Publisher:
Release Date : 2006
Real Exchange Rates And Commodity Prices written by Dominique Y. Dupont and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper examines the relations between fluctuations in real exchange rates among the major currencies and fluctuations in real commodity prices. Increased exchange rate volatility calls for a better understanding of these relations. To the best of our knowledge, no systematic study of those effects has been performed on a wide range of commodities, although Sjaastad and Scacciavillani (1993) have done so for gold. We build on their approach and construct a supply and demand multi-country model, with world market clearing, which incorporates speculative and non-speculative demands for inventories and quot;staticquot; and quot;rationalquot; expectations. We estimate the model using several econometric methods on monthly data from January 1972 to January 1992 for 65 commodity prices. The paper finds that, for a small group of commodities, the dollar-denominated price is significantly influenced by the deutsche mark and the yen. The empirical results show that geographical proximity matters, and that supply and demand elasticities are important in determining the commodity price in world markets above and beyond the size of the share of those commodities in world trade.
Commodity Prices And Markets
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Author : Takatoshi Ito
language : en
Publisher: University of Chicago Press
Release Date : 2011-03
Commodity Prices And Markets written by Takatoshi Ito and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03 with Business & Economics categories.
Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects. This book advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim.
Real Exchange Rates Economic Complexity And Investment
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Author : Steve Brito
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-10
Real Exchange Rates Economic Complexity And Investment written by Steve Brito and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-10 with Business & Economics categories.
We show that the response of firm-level investment to real exchange rate movements varies depending on the production structure of the economy. Firms in advanced economies and in emerging Asia increase investment when the domestic currency weakens, in line with the traditional Mundell-Fleming model. However, in other emerging market and developing economies, as well as some advanced economies with a low degree of structural economic complexity, corporate investment increases when the domestic currency strengthens. This result is consistent with Diaz Alejandro (1963)—in economies where capital goods are mostly imported, a stronger real exchange rate reduces investment costs for domestic firms.
Understanding Macroeconomic Theory
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Author : Bradley T. Ewing
language : en
Publisher: Routledge
Release Date : 2006-09-27
Understanding Macroeconomic Theory written by Bradley T. Ewing and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-09-27 with Business & Economics categories.
At each point in time, individuals make choices with respect to the acquisition, sale, and/or use of a variety of different goods. Such activity can be summarized by aggregate variables such as an economy’s total production of various goods and services, the aggregate level of unemployment, the general level of interest rates, and the overall level of prices. The focus of this book is on developing simple theoretical models that provide insight into the reasons for fluctuations in such aggregate variables. The models included explore how shocks or ‘impulses’ to the economy (e.g. changes to technology, the money supply, or government policy) impact individuals’ behaviour in specific markets, and the resulting implications in terms of changes in aggregate variables. This book provides the reader with an in-depth understanding of standard theoretical models: Walrasian, Keynesian and Neoclassical. Pedagogically sophisticated, it is theoretically based, rigorous and includes a host of real world case studies and exercises. Underpinned by solid microfoundations, it is written in a concise, accessible style and is an indispensable tool for all students who wish to a gain a firm grounding in the complexities of macroeconomic theories as well as government and private sector researchers of macroeconomics.
Estimation Of The Equilibrium Real Exchange Rate For South Africa
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Author : Mr.Luca Antonio Ricci
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-01
Estimation Of The Equilibrium Real Exchange Rate For South Africa written by Mr.Luca Antonio Ricci and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-01 with Business & Economics categories.
Based on the Johansen cointegration estimation methodology, much of the long-run behavior of the real effective exchange rate of South Africa can be explained by real interest rate differentials, GDP per capita (both relative to trading partners), real commodity prices, trade openness, the fiscal balance, and the extent of net foreign assets. On the basis of these fundamentals, the real exchange rate in early 2002 was found to be significantly more depreciated with respect to the estimated equilibrium level. The half-life of the deviation of the real exchange rate from the estimated equilibrium one was found to be somewhat more than two years.