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Real Exchange Rates in a Model of Structural Change: Applications to the Real Yen-Dollar and Chinese RMB-Dollar Exchange Rates
| Content Provider | Semantic Scholar |
|---|---|
| Author | Dekle, Robert |
| Copyright Year | 2013 |
| Abstract | We tackle the important issue of what the appropriate trends in the real Yen-Dollar andRMB-Dollar are over time. Over the long-run, the real yen has been appreciating against the U.S. dollar; while the real RMB-dollar rate has been depreciating (until 1999). In this paper, we build a macroeconomic-trade model of Japan-U.S. trade on theone hand, and China-U.S. trade on the other. Our model is essentially a general equilibrium extension of the Balassa-Samuelson effect. We show that these long-run trends in the real yen-dollar and RMB-dollar rates in the data can be justified by our model. |
| File Format | PDF HTM / HTML |
| DOI | 10.7916/D8GT5WMC |
| Alternate Webpage(s) | http://www8.gsb.columbia.edu/apec/sites/apec/files/files/discussion/75Dekle.pdf |
| Alternate Webpage(s) | https://academiccommons.columbia.edu/download/fedora_content/download/ac:163531/CONTENT/WP_321.pdf |
| Alternate Webpage(s) | https://www.imes.boj.or.jp/research/papers/english/13-E-02.pdf |
| Alternate Webpage(s) | https://doi.org/10.7916/D8GT5WMC |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
