CONSUMPTION AND REAL EXCHANGE-RATES IN DYNAMIC ECONOMIES WITH NONTRADED GOODS
成果类型：
Article
署名作者：
BACKUS, DK; SMITH, GW
署名单位：
Queens University - Canada; New York University
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(93)90021-O
发表日期：
1993
页码：
297-316
关键词：
摘要：
We examine the possibility that non-traded goods may account for several striking features of international macroeconomic data: large, persistent deviations from purchasing power parity, small correlations of aggregate consumption fluctuations across countries, and substantial international real interest rate differentials. A dynamic, exchange economy is used to show that non-traded goods in principle can account for each of these phenomena. In the theory there is a close relation between fluctuations in consumption ratios and those in bilateral real exchange rates, but we find little evidence for this relation in time-series data for eight OECD countries.