Exchange-Rate Dynamics With Sticky Prices: The Deutsche Mark, 1974–1982
同时估计了德国马克/美元汇率和德国批发价格指数的动态方程，基于德国价格粘性模型，发现完全弹性价格版本被拒绝，且名义汇率对货币冲击反应不足。
Abstract This article estimates simultaneously dynamic equations for the Deutsche mark/dollar exchange rate and the German wholesale price index. These emerge from a model in which German prices are sticky. The stickiness is due to costs of adjusting prices of the form posited by Rotemberg (1982a,b). The main results of the empirical analysis are first that the version of the model in which prices are perfectly flexible is rejected and, second that, in spite of the substantial price stickiness, we find that the nominal exchange rate undershoots in response to monetary innovations like those that appear to be typical in Germany. KEY WORDS: Costs of price adjustmentOvershootingRational expectations