학술저널
By Force of Habit Formations and Exchange Rate Movements
- 서울대학교 경제연구소
- Seoul Journal of Economics
- Seoul Journal of Economics Volume 12 No.1
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1999.031 - 25 (24 pages)
- 0
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This paper sets up a habit persistence monetary model in line with Campbell and Cochrane (1995) with transaction costs in consumption. It discusses the behavior of exchange rates and consumption as well as other variables to various shocks. This paper shows that the habit persistence model fails to explain the exchange rate fluctuations and the movement of consumption due to a locally large value of relative risk aversion.
Abstract
Ⅰ. Introduction
Ⅱ. The Model With Habit Persistence
Ⅲ. Equilibrium
Ⅳ. Quantitative Implications
Ⅴ. Concluding Remarks
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