Three Essays on Dynamics of Real Exchange Rate

Three Essays on Dynamics of Real Exchange Rate

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The first chapter studies the effect of habit formation in consumption on the real exchange persistence under monetary policy shocks. I show that the habit formation effect depends on the assumption of the degree of price stickiness as well as on the design of the monetary policy rule, but habit formation does not contribute to the persistence of the real exchange rate in a significant way.2.1 Introduction Let st be the (log) nominal exchange rate expressed as the home country currency price of a unit of the ... The other is the cointegration test on the nominal exchange rate st and the relative price ft in my decomposition of qt;anbsp;...

Title:Three Essays on Dynamics of Real Exchange Rate
Author: Deokwoo Nam
Publisher:ProQuest - 2008

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