Accounting for Real Exchange Rates Using Micro-data
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The classical dichotomy predicts that all of the time series variance in the aggregate real exchange rate is accounted for by non-traded goods in the CPI basket because traded goods obey the Law of One Price. In stark contrast, Engel (1999) found that traded goods had comparable volatility to the
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美国国家经济研究局创建时间:
2012-02-01



