全球智库信息集成服务系统(G2TT): Price Rigidities and Relative PPP

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w24655
来源ID	Working Paper 24655
	Price Rigidities and Relative PPP
	Andres Blanco; Javier Cravino
发表日期	2018-05-28
出版年	2018
语种	英语
摘要	We measure the proportion of real exchange rate movements accounted for by cross-country movements in relative reset prices (prices that changed since the previous period) using CPI microdata for five countries. Relative reset prices account for almost the totality of the real exchange rate movements. This is at odds with the predictions of most workhorse sticky price models used to generate volatile and persistent real exchange rates. In these models relative reset prices are sluggish because relative wages are either sluggish or mean revert quickly. We show that models where movements in relative wages are persistent and track the nominal exchange rate do replicate the empirical properties of both the real exchange rate and of relative reset prices.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w24655
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/582328
推荐引用方式 GB/T 7714	Andres Blanco,Javier Cravino. Price Rigidities and Relative PPP. 2018.