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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w5395 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w5395 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562850 |
推荐引用方式 GB/T 7714 | Charles Engel,John H. Rogers. Regional Patterns in the Law of One Price: The Roles of Geography vs. Currencies. 1995. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w5395.pdf(549KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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