Equilibrium real exchange rates: closed-form theoretical solutions and some empirical evidence
在两国随机动态一般均衡模型中推导出实际汇率、相对人均消费和相对财富之间的闭式理论解，并用跨国面板数据估计了跨期替代弹性等关键参数，为生产率差异模型提供了经验支持。
This paper generates closed-form theoretical solutions for the relationships among the real exchange rate, relative per capita consumption, and relative wealth in a stochastic dynamic general equilibrium model of two countries' representative consumers. The solutions offer insight into the robust cross-sectional relationship between relative per capita GDPs and relative national price levels established in Kravis and Lipsey (1983, 1987, 1988) in a manner consistent with equilibrium exchange rate theories and the productivity-differentials model of Balassa (1964) and Samuelson (1964). Application of panel data from Summers and Heston (1988) to the model's structural equations yields economically-plausible estimates of the elasticity of intertemporal substitution, the relative importance of nondashtradables in consumption, and the rate of time preference in several OECD countries relative to that in the United States.