The Dynamic Behavior of the Real Exchange Rate in Sticky Price Models
发现实际汇率在九个大型发达经济体中普遍呈现驼峰形动态，并证明一个两国粘性价格商业周期模型能产生这种动态，从而匹配实际汇率的长期半衰期。
Existing empirical evidence suggests that real exchange rates exhibit hump-shaped dynamics. I show that this is a robust fact across nine large, developed economies. This fact can help explain why sticky price business cycle models have been unable to match the persistence of the real exchange rate. I show that, in response to a number of different real shocks, a two-country sticky price business cycle model yields hump-shaped dynamics for the real exchange rate. The hump-shaped dynamics generated by the model are a powerful source of endogenous persistence that allows the model to match the long half-life of the real exchange rate.