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- W2337987450 abstract "Many studies on real exchange rates have found little relationship between macroeconomic fundamentals and real exchange rates in the short- to medium-run. This is widely-known as the ‘exchange rate disconnect puzzle’. This paper derives a new equilibrium condition between real exchange rates, international trade and macroeconomic fundamentals for a wide class of general equilibrium models, allowing for goods market frictions with proportional transport costs and non-traded goods, and a wide variety of asset market structures. The key is to link the price indices through prices of traded goods. If consumption bundle is a constant-elasticity-ofsubstitution bundle between the home traded good, foreign imports and the non-traded good, then there is an equilibrium relationship between real exchange rates and relative compositegood consumptions plus two other factors: the ratio of bilateral trade flows and the ratio of domestic traded good consumptions. These additional trade factors arise from bilateral intratemporal allocations. The intratemporal elasticity of substitution between goods plays a key role in real exchange rate determination." @default.
- W2337987450 created "2016-06-24" @default.
- W2337987450 creator A5076899228 @default.
- W2337987450 date "2005-01-01" @default.
- W2337987450 modified "2023-09-23" @default.
- W2337987450 title "Real exchange rates, international trade and macroeconomic fundamentals" @default.
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