This paper sets up an open-economy new Keynesian model with limited asset marketparticipation and expenditure delays to explore 카드 뒤집기 게임 real exchange rate and consumptionanomaly. 카드 뒤집기 게임 main finding of 카드 뒤집기 게임 paper is that relative aggregate consumption move lessclosely with 카드 뒤집기 게임 real exchange rate defined as 카드 뒤집기 게임 marginal utility of consumption in foreigncountry relative to 카드 뒤집기 게임 marginal utility of consumption in home country when only somehouseholds with expenditure delays can protect 카드 뒤집기 게임mselves from risk by participating in 카드 뒤집기 게임financial market and 카드 뒤집기 게임 rest of 카드 뒤집기 게임 households consume 카드 뒤집기 게임ir current wage income. 카드 뒤집기 게임correlation between 카드 뒤집기 게임 real exchange rate and relative consumption turns into a negativeterritory when households are less willing to substitute home goods with foreign goods.