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Ein dynamisches Wechselkursmodell unter Berücksichtigung wesentlicher Elemente der Finanzmarktansätze und der traditionellen Wechselkurstheorie
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 108 (1988), Iss. 1 : pp. 113–130
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Zieschang, Matthias
Abstract
The exchange rate model developed in this paper is characterised by the assumption that the exchange rate at every point in time is determined through an equilibrium inthe asset markets. The path of the exchange rate over time however is determined by endogenous stock adjustments of financial assets which may occur in the short-run equilibrium resulting from imbalances in the current account. It is shown that through a monetary expansion the exchange rate in the short run can overshoot or undershoot. In the adjustment process the exchange rate first decreases and later increases until a new long-run equilibrium is attained. An increase in government expenditure will have no effect on the exchange rate in the short run. In the following adjustment process the exchange rate may first decrease, but in the long run it will be above the initial value.