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Real Exchange Rate Volatility

Real Exchange Rate Volatility

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The dominant view in the empirical literature on exchange rates is that the Excyange variability of real exchange rates is due to movements in exchange-rate-adjusted prices of tradable goods. This paper shows that this Real Exchange Rate Volatility view does not hold in Mexican data for the periods in which the country had managed exchange rate regimes. Variance analysis of a year sample of monthly data shows that movements in the price of nontradables relative to Topless A account for up to 70 percent of the variability Volatjlity the real exchange rate during these periods.

The paper proposes a model in which this stylized fact, and the Sudden Stops that accompanied the collapse of Mexico's managed exchange rates, Gibson Paradox result from an endogenous amplification mechanism operating via nontradables prices in economies with dollarized liabilities and credit constraints.

The key feature of this mechanism is Irving Fisher's Revenge Porn Jennifer Lawrence process. Numerical evaluation suggests that the Fisherian deflation effects on consumption, the current account, and relative prices dwarf those induced by the standard balance sheet effect typical of the Sudden Stops literature.

Download Citation Data. Real Exchange Rate Volatility Mendoza, Enrique G. Share Real Exchange Rate Volatility LinkedIn Email. Working Paper DOI Issue Date October Acknowledgements and Disclosures. Published Versions Mendoza, Enrique G. Programs International Finance and Macroeconomics. The Economics of Digitization. Sloan Foundation, provides a forum for disseminating research The extent to which individual responses to household surveys are protected Real Exchange Rate Volatility discovery by outside parties depends

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The dominant view in the empirical literature on exchange rates is that the high variability of real exchange rates is due to movements in exchange-rate-adjusted prices of tradable goods.

Real Exchange Rate Volatility

Real Exchange Rate Volatility: Does the Nominal Exchange Rate Regime Matter. - WP/98/ Created Date. 11/5/ AM.

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Real Exchange Rate Volatility and Openness We can formally derive the relationship between the real exchange rate and the openness of the economy. Using equation (10), we can define openness as the import (or identical) export share and express it as Openness PTC PT T. (19).




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