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The Volatility of the Tradeable and Nontradeable Sectors: Theory and Evidence

  • Laura Povoledo


    (UWE, Bristol)

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    This paper investigates the business cycle fluctuations of the tradeable and nontradeable sectors of the US economy. Then, it evaluates whether a “New Open Economy” model having prices sticky in the producer’s currency can reproduce the observed fluctuations qualitatively. The answer is positive: both in the model and in the data the standard deviations of tradeable inflation, output and employment are significantly higher than the standard deviations of the corresponding nontradeable sector variables. A key role in generating this result is played by the greater responsiveness of tradeable sector variables to monetary shocks.

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    File Function: First version, 2009
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    Paper provided by Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol in its series Working Papers with number 0906.

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    Length: 53 pages
    Date of creation: Apr 2009
    Date of revision:
    Handle: RePEc:uwe:wpaper:0906
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