Real Exchange Rates and the Prices of Nontradable Goods

Stefano Micossi · Gian Maria Milesi‐Ferretti

46 citations0/0 files storedIMF Working Paper

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Monetary Policy and Economic Impact Global trade and economics Global Financial Crisis and Policies

Abstract

This paper attempts to provide a perspective on real exchange rate developments following the inception of the EMS. The focus is on structural determinants of real exchange rates, notably the behavior of tradables and nontradable prices and productivity. It is found that changes in the relative price of tradable goods in terms of nontradables account for a sizable fraction of real exchange rate dynamics during the EMS period. Sectoral productivity growth differential help explain the behavior of the relative price of tradable goods, especially in the long run. There is also some evidence that the EMS has extended on relative price behavior.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 46 citations exist upstream.

References

1989The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis 1964The Purchasing-Power Parity Doctrine: A Reappraisal 1964Theoretical Notes on Trade Problems 1991Pitfalls and Opportunities: What Macroeconomists Should Know about Unit Roots 1992NBER Macroeconomics Annual 1990 1994International Evidence on Tradables and Nontradables Inflation 1993The Unstable EMS 1991Structural Determinants of Real Exchange Rates and National Price Levels: Some Empirical Evidence

Cited by

1998Estimating Egypt’s Equilibrium Real Exchange Rate 2004Productivity, Tradability, and the Long-Run Price Puzzle 1997Real Exchange Rate Levels, Productivity and Demand Shocks 2002Tunisia's Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime 2002Inflation and Productivity Differentials in EMU 1998Trends in European Productivity: Implications for Real Exchange Rates, Real Interest Rates and Inflation Differentials

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.