Accounting for U.S. Real Exchange Rate Changes
نویسندگان
چکیده
منابع مشابه
Accounting for U.S. Real Exchange Rate Changes
This study measures the proportion of U.S. real exchange rate movements that can be accounted for by movements in the relative prices of nontraded goods. The decomposition is done at all possible horizons that the data allow—from one month up to 30 years. The accounting is performed with five different measures of nontraded-goods prices and real exchange rates, for exchange rates of the United ...
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The seminal work of Engel (1999) establishes a method for measuring the contributions of traded goods and nontraded goods to the fluctuation of real exchange rates. Two difficulties arise: the assumed price aggregation is likely biased, and the needed data on non-traded goods price is often limited. The present work overcomes these difficulties, as follows. First we generalize Engel’s exchange ...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 1999
ISSN: 0022-3808,1537-534X
DOI: 10.1086/250070