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The importance of nontradable goods’ prices in cyclical real exchange rate fluctuations |
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| Institution: | 1. Department of Economics, Hamburg University, Germany;2. School of Economics and Finance, Victoria University of Wellington, New Zealand;3. Department of Economics, Hamburg University, Germany |
| Abstract: | Changes in the price of nontradable goods relative to tradable goods account for roughly 50 percent of the cyclical movements in real exchange rates. |
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