New directions for stochastic open economy models

The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade. Despite th...

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Veröffentlicht in:	Journal of international economics 2000-02, Vol.50 (1), p.117-153
Hauptverfasser:	Obstfeld, Maurice, Rogoff, Kenneth
Format:	Artikel
Sprache:	eng
Schlagworte:	Correlation Correlation analysis Currency risk Economic theory Effects Exchange rates Foreign exchange rate risk International policy transmission International trade Macroeconomics Manycountries Market structure Monetary policy New open-economy macroeconomics Open economies Optimal monetary policy Pricing to market Sticky wages Stochastic models Stochastic processes Studies Terms of trade Wage determination Wages & salaries
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