Un análisis de las propiedades dinámicas del tipo de cambio flexible

Authors

  • Jacob Frenkel
  • Carlos Alfredo Rodríguez

Abstract

This paper studies the short term reaction of the real exchange rate to modifications in monetary policy under a floating exchange rate system, with special reference to the hypothesis of "overshooting". The overshooting phenomenon is here analysed in relation to Dornbusch (1976) and Calvo and Rodríguez (1977) and it is concluded that with them it depends crucially on the assumptions for the adjustment velocity of the goods market and on the type of goods kept as an alternative to money. We conclude that there is no strong argument in favour or against the phenomenon of overshooting of the exchange rate and that the possibility of it's occurrence will depend on the specific structure of the economy in which it is analysed.

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Published

1982-08-30

How to Cite

Frenkel, . J., & Rodríguez, . C. A. (1982). Un análisis de las propiedades dinámicas del tipo de cambio flexible. Económica, 28(1-2), p. 33–63. Retrieved from https://revistas.unlp.edu.ar/Economica/article/view/8031

Issue

Vol. 28 No. 1-2 (1982)

Section

Articles

License

The material published in the journal is distributed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) license. This license requires proper credit to be given, a link to the license to be provided, and changes to be indicated. It does not permit commercial use of the work, and if the work is remixed, transformed, or otherwise modified, distribution of such modification is not allowed.