US real exchange rate fluctuations and relative price fluctuations

被引：45

作者：

Betts, Caroline M.

Kehoe, Timothy J. ^{[1
]}

机构：

[1] Univ Minnesota, Minneapolis, MN 55455 USA

[2] Fed Reserve Bank Minneapolis, Minneapolis, MN 55480 USA

[3] Univ So Calif, Los Angeles, CA USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2006年 / 53卷 / 07期

基金：

美国国家科学基金会;

关键词：

real exchange rates; relative prices; trade relations;

D O I：

10.1016/j.jmoneco.2005.05.011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Traditional theory attributes fluctuations in real exchange rates to changes in the relative price of nontraded goods. This paper studies the relation between the United States' bilateral real exchange rate and the associated bilateral relative price of nontraded goods for five of its most important trade relationships. We find that this relation depends crucially on the choice of price series used to measure relative prices and on the choice of trade partner. The relation is stronger when we measure relative prices using producer prices rather than consumer prices. The relation is stronger the more important is the trade relationship between the United States and a trade partner. Even in cases where there is a strong relation between the real exchange rate and the relative price of nontraded goods, however, a large fraction of real exchange rate fluctuations is due to deviations from the law of one price for traded goods. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：1297 / 1326

页数：30