Real variables and the real exchange rate: The importance of traded goods in the transmission mechanism
I find that real variables affect the real exchange rate almost entirely through the relative price of traded goods. This finding casts doubt on the theoretical literature that postulates that real shocks propagate only through the relative price of nontraded goods.
Volume (Year): 6 (2006)
Issue (Month): 1 ()
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- Neary, Peter, 1988.
"Determinants of the Equilibrium Real Exchange Rate,"
American Economic Review,
American Economic Association, vol. 78(1), pages 210-15, March.
- Neary, J Peter, 1987. "Determinants of the Equilibrium Real Exchange Rate," CEPR Discussion Papers 209, C.E.P.R. Discussion Papers.
- J. Peter Neary, 1987. "Determinants of the equilibrium real exchange rate," Working Papers 198748, School of Economics, University College Dublin.
- Engel, C., 1996.
"Accounting for U.S. Real Exchange Rate Changes,"
Discussion Papers in Economics at the University of Washington
96-02, Department of Economics at the University of Washington.
- Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584.
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