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The Behavior of Nontradable Goods Prices in Europe; Evidence and Interpretation

Author

Listed:
  • 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.

Suggested Citation

  • Jose De Gregorio & Thomas Krueger & Alberto Giovannini, 1993. "The Behavior of Nontradable Goods Prices in Europe; Evidence and Interpretation," IMF Working Papers 93/45, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:93/45
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