
KCI등재
학술저널
The Real Exchange Rate under Alternative Nominal Exchange Rate Regimes
The Real Exchange Rate under Alternative Nominal Exchange Rate Regimes
- Emil Maria Claassen
- 세종대학교 경제통합연구소
- Journal of Economic Integration
- 제5권 제1호
- 등재여부 : KCI등재
- 1990.03
- 64 - 78 (15 pages)
The real exchange rate is defined as the relative price of tradable goods to nontradable goods. Its equilibrium value is modified by real disturbances emerging in the goods market on the supply or demand side. The real shock analyzed in the paper is an expenditure-switching fiscal policy. The subsequent change in the real exchange rate takes place independently on the underlying nominal exchange rate regime. The difference between fixed and flexible nominal exchange rates concerns only the proper mix of flexibility of the absolute price levels of tradables and nontradables.