Transcription of Nontradable Goods and the Real Exchange Rate
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Nontradable Goods and the Real Exchange Rate
Open Econ RevDOI ARTICLEN ontradable Goods and the real Exchange RatePau Rabanal Vicente Tuesta Springer Science+Business Media New York 2012 AbstractHow important are Nontradable Goods and distribution costs toexplain real Exchange rate dynamics? We answer this question by estimatinga general equilibrium model with intermediate and final tradable and non-tradable Goods . We find that the estimated model can match characteristicsof the data that are relevant in international macroeconomics, such as realexchange rate persistence and volatility, and the correlation between thereal Exchange rate and other variables.
Nontradable Goods and the Real Exchange Rate compare two versions of this model: in the first one, the two sectors (tradable and nontradable) produce final …
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