Price rigidities and the relative PPP
Price rigidities and the relative PPP
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价格刚性和相对购买力平价
DOI：
10.1016/j.jmoneco.2019.09.010
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发表时间：
2020
影响因子：
4.1
通讯作者：
Javier Cravino
中科院分区：
文献类型：
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作者：
Andrés Blanco;Javier Cravino
我们使用5个国家的CPI微观数据，测算了相对重置价格（自上一期以来发生变化的价格）的跨国变动对真实的汇率变动的影响。相对重置价格几乎解释了所有的真实的汇率变动。这对大多数用来产生波动和持久的真实的汇率的主力粘性价格模型来说是一个挑战，在这些模型中，相对重置价格是缓慢的。在相对工资持续变动并跟踪名义汇率的模型中，确实复制了真实的汇率和相对重置价格的经验性质。
We measure the proportion of real exchange rate movements accounted for by cross-country movements in relative reset prices (prices that changed since the previous period) using CPI microdata for five countries. Relative reset prices account for almost all of the real exchange rate movements. This is a challenge for most workhorse sticky price models used to generate volatile and persistent real exchange rates, in which relative reset prices are sluggish. Models where movements in relative wages are persistent and track the nominal exchange rate do replicate both the empirical properties of the real exchange rate and of relative reset prices.
DOI：
10.2139/ssrn.2364086
发表时间：
2014-01
期刊：
International Trade eJournal
影响因子：
--
作者：
X. Gabaix;Matteo Maggiori;Ariel Burstein;J. Campbell;Nicolas Coeurdacier;Alessandro Dovis;Bernard Dumas;E. Farhi;Luca Fornaro;Kenneth A. Froot;Nicolae Gârleanu;G. Gopinath;Pierre-Olivier Gourinchas;Oleg Itskhoki;Andrew Karolyi;N. Kiyotaki;Anton Korinek;A. Krishnamurthy;G. Lorenzoni;Brent Neiman;M. Obstfeld;Stavros Panageas;Anna Pavlova;F. Perri;Helen Rey;Ken Rogoff;Lucio Sarno;Hyun Song Shin;A. Shleifer;Jeremy Stein;Adrien Verdelhan
通讯作者：
X. Gabaix;Matteo Maggiori;Ariel Burstein;J. Campbell;Nicolas Coeurdacier;Alessandro Dovis;Bernard Dumas;E. Farhi;Luca Fornaro;Kenneth A. Froot;Nicolae Gârleanu;G. Gopinath;Pierre-Olivier Gourinchas;Oleg Itskhoki;Andrew Karolyi;N. Kiyotaki;Anton Korinek;A. Krishnamurthy;G. Lorenzoni;Brent Neiman;M. Obstfeld;Stavros Panageas;Anna Pavlova;F. Perri;Helen Rey;Ken Rogoff;Lucio Sarno;Hyun Song Shin;A. Shleifer;Jeremy Stein;Adrien Verdelhan