Exchange Rate Hysteresis: The Real Effects of Large vs Small Policy Misalignments
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Using the sticky price monetary model of exchange rate determination and the sunk cost model of trade hysteresis, we show that a sufficiently large policy misalignment can induce hysteresis in the trade balance and thereby alter the steady?state real exchange rate. Thus in our model exchange rate
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美国国家经济研究局创建时间：
1989-01-01
