Chaotic Exchange Rate Dynamics Redux |
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Authors: | Da Silva Sergio |
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Affiliation: | (1) Department of Economics, University of Brasilia, Brazil |
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Abstract: | This article generalizes the results shown in De Grauwe, Dewachter, and Embrechts (1993) in a more sophisticated framework. In their model, the speculative dynamics resulting from the interaction between chartists and fundamentalists are incorporated into a Dornbusch-style model to generate a chaotic nominal exchange rate. Here the model of Obstfeld and Rogoff (1995, 1996) replaces the Dornbusch model, and chaotic solutions are still shown to be possible for sensible parameter values. |
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Keywords: | chaos exchange rates new open economy macroeconomics speculative dynamics |
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