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来源类型Working Paper
规范类型报告
DOI10.3386/w5395
来源IDWorking Paper 5395
Regional Patterns in the Law of One Price: The Roles of Geography vs. Currencies
Charles Engel; John H. Rogers
发表日期1995-12-01
出版年1995
语种英语
摘要We find evidence that the law of one price (LOOP) holds more nearly for country pairs that are within geographic regions than for country pairs that are not. These findings are established using disaggregated consumer price data from 23 countries (including data from eight North American cities). We find that failures of LOOP are closely related to nominal exchange rate variability, suggesting a link to sticky nominal prices. We also find that distance can explain failures of LOOP, suggesting the failures arise from imperfect market integration. However, these two sources do not explain all of the failure of LOOP. We speculate that integrated marketing and distribution systems within regions cause LOOP to hold more nearly intraregionally. We present a formal model of marketing and distribution to illustrate this hypothesis.
主题International Economics ; International Macroeconomics ; Trade
URLhttps://www.nber.org/papers/w5395
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/562850
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Charles Engel,John H. Rogers. Regional Patterns in the Law of One Price: The Roles of Geography vs. Currencies. 1995.
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