Real Interest Rates, Real Exchange Rates, and Net Foreign Assets in the Adjustment Process

Real Interest Rates, Real Exchange Rates, and Net Foreign Assets in the Adjustment Process
This paper analyzes the recent behavior of real exchange rates, the trade balance and the net foreign asset position of the United States in an intertemporal optimizing model of the world economy that incorporates heterogeneity across countries and imperfect international capital and good markets. While the model successfully tracks the dynamics... READ MORE...

Publication date: December 1995
ISBN 9781451934731
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