Real Exchange Rate Movements and the Relative Price of Non-Traded Goods
Real Exchange Rate Movements and the Relative Price of Non-Traded Goods
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实际汇率变动和非贸易商品的相对价格
DOI：
10.2139/ssrn.1298730
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发表时间：
2008
期刊：
影响因子：
--
通讯作者：
T. Kehoe
中科院分区：
文献类型：
--
作者：
Caroline Betts;T. Kehoe
我们研究了 1980 年至 2005 年间 1225 个国家/地区的季度双边实际汇率以及非贸易与贸易商品的相对价格。我们发现这两个变量呈正相关，但相对价格指标的变动小于实际汇率的变动。当两国之间的贸易关系密切且两国之间的实际汇率差异较小时，两个变量之间的相关性更强。对于富国/穷国双边对或高通胀/低通胀国家对，这种关系不会改变。我们发现了一个异常现象：美国/欧盟双边贸易伙伴的实际汇率与非贸易商品相对价格之间的关系异常薄弱。
We study the quarterly bilateral real exchange rate and the relative price of non-traded to traded goods for 1225 country pairs over 1980-2005. We show that the two variables are positively correlated, but that movements in the relative price measure are smaller than those in the real exchange rate. The relation between the two variables is stronger when there is an intense trade relationship between two countries and when the variance of the real exchange rate between them is small. The relation does not change for rich/poor country bilateral pairs or for high inflation/low inflation country pairs. We identify an anomaly: The relation between the real exchange rate and relative price of non-traded goods for US/EU bilateral trade partners is unusually weak.