| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w3332
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| 来源ID | Working Paper 3332
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| Systematic Movements in Real Exchange Rates in the G-5: Evidence on theIntegration of Internal and External Markets |
| Richard C. Marston
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| 发表日期 | 1990-04-01
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| 出版年 | 1990
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| 语种 | 英语
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| 摘要 | Many recent studies have documented the random behavior of real exchange rates. This paper shows that real exchange rates defined for different sectors of an economy move closely together with one another even though each of the sectoral real exchange rates taken alone has a large random component. The sectoral real exchange rates are tied together by internal price links due to factor mobility within each national economy. Any differences between real exchange rates which develop, moreover, can be explained almost entirely by productivity differentials, at least in the long run. This paper contrasts the strong ties which bind together prices from different sectors internally with ties that bind the prices of goods from the same sector internationally. Prices are shown to be much more highly correlated internally than externally because flexible exchange rates disrupt normal pricing relationships between goods from different countries. |
| 主题 | International Economics
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| URL | https://www.nber.org/papers/w3332
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560619
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推荐引用方式
GB/T 7714 |
Richard C. Marston. Systematic Movements in Real Exchange Rates in the G-5: Evidence on theIntegration of Internal and External Markets. 1990.
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文件名：
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w3332.pdf
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格式：
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Adobe PDF
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