Nontraded goods, market segmentation, and exchange rates

• 成果类型: Article
• 署名作者: Dotsey, Michael; Duarte, Margarida
• 署名单位: University of Toronto; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2008.07.011
• 发表日期: 2008
• 页码: 1129-1142
• 关键词: Exchange rates; Nontraded goods; Distribution services; Incomplete asset markets

摘要

Empirical evidence suggests that movements in international relative prices are large and persistent. Nontraded goods, both in the form of final consumption goods and as an input into the production of final tradable goods, are an important aspect driving international relative price movements. In this paper we show that nontraded goods play an important role in the context of an otherwise standard open-economy macromodel. Our quantitative study with nontraded goods generates implications along several dimensions that are more closely in line with the data relative to the model that abstracts from nontraded goods. (C) 2008 Elsevier B.V. All rights reserved.