The Dynamic Behavior of the Real Exchange Rate in Sticky Price Models: Comment
指出Steinsson（2008）的粘性价格模型存在错误，修正后实际汇率的持续性和波动性显著降低，且模型无法匹配实际汇率相对于产出的波动性。
In an article published in the American Economic Review, Jón Steinsson (2008) argues that two sticky price models driven by real shocks can explain the observed persistence, volatility, and hump-shaped impulse response function of the real exchange rate. This comment shows, first, that correcting an error in one of Steinsson's models leads to substantially lower persistence and volatility of the real exchange rate; second, that Steinsson's models cannot match real exchange rate volatility relative to output; and, third, that reasonable variations of the model calibration or specification all lead to lower real exchange rate persistence and volatility (or both).