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The Behavior of Nontradable Goods Prices in Europe

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  • Jose De Gregorio
  • Thomas Krueger
  • Alberto Giovannini

Abstract

This paper examines the evolution of the relative price between tradable and nontradable goods in a group of European countries. A model of an open economy is used to analyze different factors that can account for an increase in the relative price of nontradable goods. These factors are: (a) faster technological progress in the tradable goods sector; (b) demand shifts toward nontradable goods; and (c) real wage pressures. The relevance of these factors is analyzed empirically for France, Germany, Italy, Spain and the United Kingdom.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 93/45.

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Length: 62
Date of creation: 01 May 1993
Date of revision:
Handle: RePEc:imf:imfwpa:93/45

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Cited by:
  1. Tomas Holub & Martin Cihak, 2003. "Price Convergence: What Can the Balassa-Samuelson Model Tell Us?," Working Papers, Czech National Bank, Research Department 2003/08, Czech National Bank, Research Department.
  2. M. Katsimi, 2004. "Inflation divergence in the euro area: the Balassa-Samuelson effect," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 11(5), pages 329-332.
  3. Jose De Gregorio & Alberto Giovannini, 1993. "International Evidence on Tradables and Nontradable Inflation," NBER Working Papers 4438, National Bureau of Economic Research, Inc.
  4. Charles Engel, 1999. "Accounting for U.S. Real Exchange Rate Changes," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 107(3), pages 507-538, June.
  5. Jaanus Raim, 2004. "The Alternative to the Existing System of the Concepts about Purchasing Power Parity Deviations . Derived from the Estonian Experience," Working Papers, Tallinn School of Economics and Business Administration, Tallinn University of Technology 115, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
  6. Javier Coto-Martinez & Juan C. Reboredo, 2004. "The Balassa-Samuelson effect in an imperfectly competitive economy: empirical evidence for G7 countries," Money Macro and Finance (MMF) Research Group Conference 2003, Money Macro and Finance Research Group 19, Money Macro and Finance Research Group.
  7. Matthew Canzoneri & Robert Cumby & Behzad Diba & Gwen Eudey, 1998. "Trends in European Productivity: Implications for Real Exchange Rates, Real Interest Rates and Inflation Differentials," Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) 27, Oesterreichische Nationalbank (Austrian Central Bank).
  8. Coricelli, Fabrizio & Jazbec, Bostjan, 2001. "Real Exchange Rate Dynamics in Transition Economies," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2869, C.E.P.R. Discussion Papers.
  9. BoĊĦtjan Jazbec, 2002. "Real Exchange Rates in Transition Economies," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 482, William Davidson Institute at the University of Michigan.

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