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The Importance of Nontradable Goods' Prices in Cyclical Real Exchange Rate Fluctuations

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Author Info
Ariel Burstein (University of California at Los Angeles)
Martin Eichenbaum (Northwestern University, NBER, and Federal Reserve of Chicago.)
Sergio Rebelo (Northwestern University, NBER, and CEPR.)

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Abstract

Changes in the price of nontradable goods relative to tradable goods account for roughly 50 percent of the cyclical movements in real exchange rates

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File URL: http://rcer.econ.rochester.edu/RCERPAPERS/rcer_523.pdf
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Publisher Info
Paper provided by University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number 523.

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Length: 14 pages
Date of creation: Dec 2005
Date of revision:
Handle: RePEc:roc:rocher:523

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Postal: UNIVERSITY OF ROCHESTER, CENTER FOR ECONOMIC RESEARCH, DEPARTMENT OF ECONOMICS, HARKNESS 231 ROCHESTER NEW YORK 14627 U.S.A.

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F31 - International Economics - - International Finance - - - Foreign Exchange

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Caroline M. Betts & Timothy J. Kehoe, 2005. "U.S. Real Exchange Rate Fluctuations and Relative Price Fluctuations," IEPR Working Papers 05.16, Institute of Economic Policy Research (IEPR). [Downloadable!]
    Other versions:
  2. Ariel Burstein, Martin Eichenbaum, and Sergio Rebelo, 2005. "Large Devaluations and the Real Exchange Rate," Journal of Political Economy, University of Chicago Press, vol. 113(4), pages 742-784, August.
    Other versions:
  3. Ariel T. Burstein & Joao C. Neves & Sergio Rebelo, 2000. "Distribution Costs and Real Exchange Rate Dynamics During Exchange-Rate-Based Stabilizations," RCER Working Papers 473, University of Rochester - Center for Economic Research (RCER). [Downloadable!]
    Other versions:
  4. Chari, V V & Kehoe, Patrick J & McGrattan, Ellen R, 2002. "Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?," Review of Economic Studies, Blackwell Publishing, vol. 69(3), pages 533-63, July.
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  5. Mussa, Michael, 1986. "Nominal exchange rate regimes and the behavior of real exchange rates: Evidence and implications," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25(1), pages 117-214, January. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Akito Matsumoto, 2007. "The Role of Nonseparable Utility and Nontradeables in International Business Cycle and Portfolio Choice," IMF Working Papers 07/163, International Monetary Fund. [Downloadable!]
  2. Michael Dotsey & Margarida Duarte, 2006. "Nontraded goods, market segmentation, and exchange rates," Working Paper 06-03, Federal Reserve Bank of Richmond. [Downloadable!]
    Other versions:
  3. Michael Dotsey & Margarida Duarte, 2008. "Nontraded Goods, Market Segmentation, and Exchange Rates," Working Papers tecipa-338, University of Toronto, Department of Economics. [Downloadable!]
  4. Cellini, Roberto & Paolino, Alessandro, 2007. "Price of recreational products and the exchange rate: an empirical investigation on US data," MPRA Paper 5194, University Library of Munich, Germany. [Downloadable!]
  5. Masao Ogaki & Sungwook Park, 2007. "Long-run real exchange rate changes and the properties of the variance of k-differences," Working Papers 07-05, Ohio State University, Department of Economics. [Downloadable!]
  6. Troy Matheson, 2006. "Assessing the fit of small open economy DSGEs," Reserve Bank of New Zealand Discussion Paper Series DP2006/11, Reserve Bank of New Zealand. [Downloadable!]
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This page was last updated on 2008-11-26.

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