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International Evidence on Tradables and Nontradable Inflation

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  • Jose De Gregorio
  • Alberto Giovannini

Abstract

Using 1970-1985 sectoral data for the OECD we find that inflation in nontradable goods is higher than in tradables, We identify a demand shift towards nontradables and faster growth of total factor productivity in the tradable goods sector as the prime causes of higher nontradables inflation. In addition. disinflation attempts and the exchange rate regime appear to have had significant influence on the relative inflation rate.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4438.

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Date of creation: Aug 1993
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Publication status: published as European Economic Review, Vol. 38, no. 6, pp. 1225, (June 1994).
Handle: RePEc:nbr:nberwo:4438

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  1. Rudiger Dornbusch, 1981. "Real Interest Rates, Home Goods, and Optimal External Borrowing," NBER Working Papers 0779, National Bureau of Economic Research, Inc.
  2. Reuven Glick & Kenneth Rogoff, 1993. "Global versus country-specific productivity shocks and the current account," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 443, Board of Governors of the Federal Reserve System (U.S.).
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  7. Bergstrand, Jeffrey H, 1991. "Structural Determinants of Real Exchange Rates and National Price Levels: Some Empirical Evidence," American Economic Review, American Economic Association, American Economic Association, vol. 81(1), pages 325-34, March.
  8. Kenneth Rogoff, 1992. "Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, Institute for Monetary and Economic Studies, Bank of Japan, vol. 10(2), pages 1-29, November.
  9. Hsieh, David A., 1982. "The determination of the real exchange rate : The productivity approach," Journal of International Economics, Elsevier, Elsevier, vol. 12(3-4), pages 355-362, May.
  10. repec:fth:calaec:16-90 is not listed on IDEAS
  11. Frenkel, Jacob A & Razin, Assaf, 1986. "Fiscal Policies in the World Economy," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(3), pages 564-94, June.
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  13. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 72, pages 584.
  14. Jose De Gregorio & Thomas Krueger & Alberto Giovannini, 1993. "The Behavior of Nontradable Goods Prices in Europe," IMF Working Papers 93/45, International Monetary Fund.
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