Publisher's Synopsis
Excerpt from Exchange Rate Dynamics With Sticky Prices: The Deutsche Mark, 1974-1982
First, we consider the impact of a relatively broad set of forcing variables on the paths of the price level and the exchange rate. In particular, we specify and estimate the effects of changes in prices of various imported goods and of changes in real wages. The effects of these latter variables on exchange rates has been the focus of theoretical work of Sachs among others.
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