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Einkommenseffekte, Wechselkursdynamik und der Euro/Dollar-Kurs

  • Economics


This contribution extends the well known Dornbusch-model with a sluggish adjustment of prices and an overshooting of exchange rates by endogenizing macroeconomic supply and by expanding the framework in a two-country setting. It is shown, first, that an expansive impact on demand in the foreign country (e. g. relating to foreign consumption or investment) leads to a real und nominal depreciation of the domestic currency. Second, an expansive impact on foreign supply (e. g. to increased foreign labor productivity) brings about a real appreciation of the domestic currency, while its nominal external value may increase, fall or remain constant. The first impact always goes along with an overshooting, while this may also arise in a case of the second impact. If the first impact dominates over the second (which appears to be true for the USA between the first quarter of 1999 until the third quarter of 2000) the implications of the model are in line with the real and nominal depreciation of the Euro towards the Dollar.

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