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Center for International and Development
Economics Research
UC Berkeley
Title:
New Directions for Stochastic Open Economy Models
Author:
Obstfeld, Maurice, Rogoff, Kenneth
Publication Date:
09-01-1999
Publication Info:
UC Berkeley, Center for International and Development Economics Research, Institute of
Business and Economic Research
Permalink:
http://escholarship.org/uc/item/5pf7g8sh
Citation:
Obstfeld, Maurice, & Rogoff, Kenneth. (1999). New Directions for Stochastic Open Economy
Models. UC Berkeley: Center for International and Development Economics Research. Retrieved
from: http://escholarship.org/uc/item/5pf7g8sh
Keywords:
new open-economy macroeconomics, currency risk, pricing to market, international policy
transmission, optimal monetary policy
Abstract:
<p>The paper develops a simple stochastic new open economy macroeconomic model based
on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows
one to analyze the effects of the monetary regime on welfare, expected output, and the expected
terms of trade. Despite the potential interplay between imperfections due to sticky wages and
monopoly, the optimal monetary policy rule has a closed-form solution. To motivate our model, we
show that observed correlations between terms of trade and exchange rates are more consistent
with our traditional assumptions about nominal rigidities than with a popular alternative based on
local-currency pricing.</p>
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