Commodity currencies and the real exchange rate |
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| Authors: | Stephen Tokarick |
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| Institution: | aResearch Department, Macroeconomic Studies Division, International Monetary Fund, Room 9-700J, 700 19th street, N.W., Washington D.C. 20431, United States |
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| Abstract: | This paper shows that a change in the terms of trade of a commodity-exporting country could cause the relative price of nontraded goods to rise or fall, depending on the strength of income and substitution effects. |
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