Consumption Smoothing and Exchange Rate Volatility

This paper analyzes exchange rate behavior in a model where consumers trade goods to diversify shocks to their income. A model with traded and nontraded goods is simulated in a multilateral context based upon historical output correlations for the period 1970-92. Simulation results indicate that the observed volatility of multilateral real exchange rates for the United States, Germany and Japan is not inconsistent with exchange rate volatility implied by consumption-smoothing behavior

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Year of publication:	[2006]
Authors:	Turtelboom, Bart G.
Publisher:	[2006]: [S.l.] : SSRN
Subject:	Volatilität \| Volatility \| Theorie \| Theory \| Privater Konsum \| Private consumption \| Kaufkraftparität \| Purchasing power parity \| Wechselkurs \| Exchange rate \| Einkommenshypothese \| Income hypothesis \| Schätzung \| Estimation \| Deutschland \| Germany \| Japan

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