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Essays on the current account, terms...

Zhang, Yanchun.

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Essays on the current account, terms of trade, and real exchange rate dynamics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on the current account, terms of trade, and real exchange rate dynamics./
Author:	Zhang, Yanchun.
Description:	109 p.
Notes:	Source: Dissertation Abstracts International, Volume: 64-05, Section: A, page: 1786.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3091171

Essays on the current account, terms of trade, and real exchange rate dynamics.
Zhang, Yanchun.

Essays on the current account, terms of trade, and real exchange rate dynamics. - 109 p.

Source: Dissertation Abstracts International, Volume: 64-05, Section: A, page: 1786.

Thesis (Ph.D.)--University of Virginia, 2003.

My dissertation is a theoretical and empirical investigation of the role of monetary shocks and real shocks on the current account, terms of trade, and real exchange rate dynamics. In the first essay, three new open economy macroeconomics models are studied. Model solutions are found to be different depending on the assumptions made about the household preference specification and the degree of market segmentation. The first model is a generalized two-country, two-sector model. Utility is modeled as a constant-rate-of-risk-aversion form in the aggregate consumption and real money balance; the aggregate consumption is taken to be a constant-elasticity-of-substitution index over the traded and the nontraded goods consumption. This generalized model produces the theoretical ambiguity concerning the direction of the current account, the terms of trade, and the real exchange rate movements. The second model adds the nontraded goods sector to Obstfeld and Rogoff's (1995) Redux model. The simplified preference structure generates the tractable model solutions. The third model is a pricing-to-market model with only traded goods. The pricing-to-market feature enables the model to replicate the deviations from the purchasing power parity. This model finds that in the short run, a money increase generally depreciates the domestic currency and leads to a current account surplus. The direction of the terms of trade movement responding to a money increase depends crucially on the degree of market segmentation. The empirical investigation is thus of much interest since a theory alone fails to give a clear prediction

Essays on the current account, terms of trade, and real exchange rate dynamics.
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035 $a (UnM)AAI3091171
035 $a AAI3091171
040 $a UnM $c UnM
100 1 $a Zhang, Yanchun. $3 900530
245 1 0 $a Essays on the current account, terms of trade, and real exchange rate dynamics.
300 $a 109 p.
500 $a Source: Dissertation Abstracts International, Volume: 64-05, Section: A, page: 1786.
500 $a Advisers: Eric van Wincoop; Chris Otrok.
502 $a Thesis (Ph.D.)--University of Virginia, 2003.
520 $a My dissertation is a theoretical and empirical investigation of the role of monetary shocks and real shocks on the current account, terms of trade, and real exchange rate dynamics. In the first essay, three new open economy macroeconomics models are studied. Model solutions are found to be different depending on the assumptions made about the household preference specification and the degree of market segmentation. The first model is a generalized two-country, two-sector model. Utility is modeled as a constant-rate-of-risk-aversion form in the aggregate consumption and real money balance; the aggregate consumption is taken to be a constant-elasticity-of-substitution index over the traded and the nontraded goods consumption. This generalized model produces the theoretical ambiguity concerning the direction of the current account, the terms of trade, and the real exchange rate movements. The second model adds the nontraded goods sector to Obstfeld and Rogoff's (1995) Redux model. The simplified preference structure generates the tractable model solutions. The third model is a pricing-to-market model with only traded goods. The pricing-to-market feature enables the model to replicate the deviations from the purchasing power parity. This model finds that in the short run, a money increase generally depreciates the domestic currency and leads to a current account surplus. The direction of the terms of trade movement responding to a money increase depends crucially on the degree of market segmentation. The empirical investigation is thus of much interest since a theory alone fails to give a clear prediction
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3091171