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来源类型Working Paper
规范类型报告
DOI10.3386/w27420
来源IDWorking Paper 27420
A Behavioral Explanation for the Puzzling Persistence of the Aggregate Real Exchange Rate
Mario J. Crucini; Mototsugu Shintani; Takayuki Tsuruga
发表日期2020-06-29
出版年2020
语种英语
摘要At the aggregate level, the evidence that deviations from purchasing power parity (PPP) are too persistent to be explained solely by nominal rigidities has long been a puzzle (Rogoff, 1996). Another puzzle from the micro price evidence of the law of one price (LOP), which is the basic building block of PPP, is that LOP deviations are less persistent than PPP deviations. To reconcile the empirical evidence, we adapt the model of behavioral inattention in Gabaix (2014, 2020) to a simple two-country sticky-price model. We propose a simple test of behavioral inattention and find strong evidence in its favor using micro price data from US and Canadian cities. Calibrating behavioral inattention with our estimates, we show that our model reconciles the two puzzles relating to the PPP and LOP. First, the PPP deviations are more than twice as persistent as PPP deviations explained only by sticky prices. Second, the LOP deviations decrease to less than two-thirds of the PPP deviations in the degree of persistence.
主题Microeconomics ; Market Structure and Distribution ; Macroeconomics ; Business Cycles ; International Economics ; International Finance
URLhttps://www.nber.org/papers/w27420
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/585093
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GB/T 7714
Mario J. Crucini,Mototsugu Shintani,Takayuki Tsuruga. A Behavioral Explanation for the Puzzling Persistence of the Aggregate Real Exchange Rate. 2020.
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