Cook, David (contributor); Devereux, Michael B. (contributor) - 2004
exchange rates for the
US dollar, the Japanese yen, the euro, and the pound sterling
4
. This can be interpreted as a
simple …-mark exchange rate instead of the euro.
9
II The Model
The model consists of two small open emerging market economies … geometrically back to trend after the 3
rd
quarter of 1997.
Panels I and J show the response of the US dollar based nominal …