Consumption Smoothing and Exchange Rate Volatility

Consumption Smoothing and Exchange Rate Volatility
This paper analyzes exchange rate behavior in a model where consumers trade goods to diversify shocks to their income. A model with traded and nontraded goods is simulated in a multilateral context based upon historical output correlations for the period 1970-92. Simulation results indicate that the observed volatility of multilateral real... READ MORE...

Publication date: November 1995
ISBN 9781451853049
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