The Effects of Iceberg Costs on the Volatility of Real Exchange Rates

: real exchange rate;volatility;persistency;iceberg cost;elasticity of substitution;puzzle;실질환율;변동성;지속성;거래비용;대체탄력성;퍼즐;330

사회과학대학 경제학부 ;

University:서울대학교 대학원

关键词: : real exchange rate;    volatility;    persistency;    iceberg cost;    elasticity of substitution;    puzzle;    실질환율;    변동성;    지속성;    거래비용;    대체탄력성;    퍼즐;    330;   

Others  :  http://s-space.snu.ac.kr/bitstream/10371/134567/1/000000008688.pdf

美国|英语

来源: Seoul National University Open Repository

【 摘 要 】

The fact that real exchange rates are highly volatile is one of the puzzles in international macroeconomics. Standard real business cycle models cannot explain this issue. This paper introduces the transportation costs in IRBC model to explain real exchange rates fluctuations. And this paper shows that a model with the high level of transportation costs and elasticity of substitution can reproduce high volatility of real exchange rates and explain other puzzles in international macroeconomics.