Ogaki, Masao; Kim, Hyeongwoo - Ohio State University, Department of Economics - 2009
measure of price stickiness in the Calvo-pricing model. When we employ this view, Rogo's (1996) 3 to 5 year consensus half-life … is a large degree of uncertainty around the consensus half-life of the real exchange rate. To obtain a more efficient … exchange rates of 18 developed countries against the U.S. dollar, we nd that most of the half-life estimates from the single …