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The Importance of Nontradable Goods' Prices in Cyclical Real Exchange Rate Fluctuations

  • Ariel Burstein
  • Martin Eichenbaum
  • Sergio Rebelo

Changes in the price of nontradable goods relative to tradable goods account for roughly 50 percent of the cyclical movements in real exchange rates.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 11699.

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Date of creation: Oct 2005
Date of revision:
Publication status: published as Burstein, Ariel, Martin Eichenbaum and Sergio Rebelo. "The Importance Of Nontradable Goods' Prices In Cyclical Real Exchange Rate Fluctuations," Japan and the World Economy, 2006, v18(3,Aug), 247-253.
Handle: RePEc:nbr:nberwo:11699
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  1. Sergio Rebelo & Ariel Burstein & Martin Eichenbaum, 2004. "Large Devaluations and the Real Exchange Rate," 2004 Meeting Papers 137, Society for Economic Dynamics.
  2. Ariel T. Burstein & Joao C. Neves & Sergio Rebelo, 2000. "Distribution Costs and Real Exchange Rate Dynamics During Exchange-Rate-Based Stabilizations," RCER Working Papers 473, University of Rochester - Center for Economic Research (RCER).
  3. Caroline M. Betts & Timothy J. Kehoe, 2005. "U.S. Real Exchange Rate Fluctuations and Relative Price Fluctuations," IEPR Working Papers 05.16, Institute of Economic Policy Research (IEPR).
  4. V. V Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2002. "Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?," Review of Economic Studies, Oxford University Press, vol. 69(3), pages 533-563.
  5. Engel, C., 1996. "Accounting for U.S. Real Exchange Rate Changes," Working Papers 96-02, University of Washington, Department of Economics.
  6. Mussa, Michael, 1986. "Nominal exchange rate regimes and the behavior of real exchange rates: Evidence and implications," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25(1), pages 117-214, January.
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