The Importance of Nontradable Goods’ Prices in Cyclical Real Exchange Rate Fluctuations
نویسندگان
چکیده
Changes in the price of nontradable goods relative to tradable goods account for roughly 50 percent of the cyclical movements in real exchange rates. J.E.L. Classification: F31 ∗UCLA. †Northwestern University, NBER, and Federal Reserve of Chicago. ‡Northwestern University, NBER, and CEPR.
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