Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?
检验了货币冲击与粘性价格相互作用能否解释实际汇率的波动性和持久性，发现模型能产生与数据相当的波动性，但持久性略低，且存在消费—实际汇率异常现象。
The central puzzle in international business cycles is that fluctuations in real exchange rates are volatile and persistent. We quantify the popular story for real exchange rate fluctuations: they are generated by monetary shocks interacting with sticky goods prices. If prices are held fixed for at least one year, risk aversion is high, and preferences are separable in leisure, then real exchange rates generated by the model are as volatile as in the data and quite persistent, but less so than in the data. The main discrepancy between the model and the data, the consumption—real exchange rate anomaly, is that the model generates a high correlation between real exchange rates and the ratio of consumption across countries, while the data show no clear pattern between these variables. Copyright 2002, Wiley-Blackwell.