Understanding Real Exchange Rate Movements with Trade in Intermediate Products
Understanding Real Exchange Rate Movements with Trade in Intermediate Products
复制标题
了解中间产品贸易的实际汇率变动
DOI：
10.2139/ssrn.904323
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发表时间：
2009
期刊：
影响因子：
--
通讯作者：
H. Popper
中科院分区：
文献类型：
--
作者：
David Parsley;H. Popper
我们认为，将实际汇率变动归因于一价偏差定律可能“太容易”了。我们证明，一个人是否使用看似贸易的商品、非贸易的商品，甚至只是一种不重要的消费品（比如啤酒），并不重要。使用中间产品贸易模型解释了将变化归因于任何此类偏差的容易程度。在模型中，生产阶段决定了贸易/非贸易的区别。我们发现该模型的实证证据是：一价偏差定律失去了解释力； - 根据中间产品适当定义 - 相对价格很重要。
We suggest it may be "too easy" to attribute real exchange rate movements to law of one price deviations. We show that it is immaterial whether one uses seemingly traded goods, nontraded goods, or even just a single, unimportant consumer good, say beer. The ease of attributing the variation to any such deviations is explained using a model with intermediate goods trade. In the model, the stage of production determines the traded/nontraded distinction. We find empirical substantiation for the model: law of one price deviations lose explanatory power; and - defined appropriately in terms of intermediate goods - relative prices matter.