Currency Unions, Product Introductions, and the Real Exchange Rate

We use a novel dataset of online prices of identical goods sold by four large global retailers in dozens of countries to study good-level real exchange rates and their aggregated behavior. First, in contrast to the prior literature, we demonstrate that the law of one price holds very well within

我们采用一套新颖数据集，该数据集涵盖四家大型全球零售商在数十个国家销售的完全相同商品的在线价格，以此开展商品层面实际汇率及其加总行为的相关研究。第一，与既有研究文献形成鲜明反差，我们证实一价定律（Law of One Price）在范围内的契合度极高。