An Investigation of Real and Nominal Exchange

[320728]恩格尔这项研究调查了几个工业国家的实际汇率行为。主要目的是更好地理解哪一种实际汇率理论解释了相对价格的变动。该研究使用了涵盖广泛商品和国家的大型数据集。这些数据考虑了运输成本、营销成本和行业结构。在实证工作中，研究人员提出了一系列计量经济学测试，使他能够在考虑到上述附加因素时，检验他先前的发现（即某些商品在不同国家之间的相对价格的可变性大于一个国家内部的相对价格的可变性）是否成立。该项目的结果是相当有趣的，因为它们将为实证实际汇率文献提供宝贵的贡献。此外，研究结果可能会对欧洲和北美市场一体化下相对价格行为的预期变化产生影响。＊＊＊

9320728 Engel This research investigates real exchange rate behavior in several industrial countries. The main objective is to get a better understanding of which of the real exchange rate theories explain the movements of relative prices. The study uses a large data set covering a wide range of goods and countries. The data take into account transportation costs, marketing costs, and industry structure. In the empirical work, the investigator proposes a series of econometric tests that would allow him to examine whether his earlier findings, that the variability of the relative prices of some goods across countries is larger than the variability of relative prices within a country, holds when the additional factors alluded to above are taken into account. The results from the project are of considerable interest because they will provide a valuable contribution to the empirical real exchange rate literature. Also, the results may have ramifications for how relative price behavior is expected to change under European and North American market integration. ***