Revisiting the importance of non-tradable goods' prices in cyclical real exchange rate fluctuations
Revisiting the importance of non-tradable goods' prices in cyclical real exchange rate fluctuations
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重新审视非贸易品价格在周期性实际汇率波动中的重要性
DOI：
10.1016/j.euroecorev.2012.10.007
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发表时间：
2013
期刊：
影响因子：
--
通讯作者：
K. N. Torstensen
中科院分区：
文献类型：
--
作者：
I. W. Bache;Tommy Sveen;K. N. Torstensen
恩格尔（Engel，1999）在一篇有影响力的论文中指出，基本上所有真实的汇率波动都可以归因于贸易商品相对价格的波动，只有一小部分波动可以归因于非贸易商品相对价格的变化。我们重新审视了这一重要问题，我们的主要发现表明，相对分布楔形，即贸易商品的码头价格与这些商品的零售价格之间的关系，是理解真实的汇率波动的关键。重要的是，我们的研究结果表明，相对楔形的变化是由加价的波动而不是分销成本的波动驱动的。
In an influential paper Engel (1999) argues that essentially all the fluctuations in the real exchange rate can be attributed to fluctuations in the relative price of traded goods, and that only a small part of the fluctuations can be attributed to changes in the relative price of non-tradables. We revisit this important issue and our main finding suggests that the relative distribution wedge, i.e. the relationship between traded goods' prices at-the-dock and the retail prices of those goods, is key to understanding real exchange rate fluctuations. Importantly, our results suggest that variations in the relative wedge are driven by fluctuations in mark-ups and not in distribution costs.