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DP5306 | The Importance of Nontradeable Goods' Prices in Cyclical Real Exchange Rate Fluctuations
Author(s)
Martin Eichenbaum
Sérgio Rebelo
Ariel Tomas Burstein
Publication Date
23/10/2005
JEL Code(s)
F31
Keyword(s)
Nominal exchange rates, Tradeable goods, Nontradeable goods, prices
Programme Area(s)
International Macroeconomics
Network(s)
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Abstract
Changes in the price of nontradable goods relative to tradable goods account for roughly 50% of the cyclical movements in real exchange rates.