Changes in the price of nontradable goods relative to tradable goods account for roughly 50% of the cyclical movements in real exchange rates.
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Citation
Eichenbaum, M, S Rebelo and A Burstein (2005), ‘DP5306 The Importance of Nontradeable Goods' Prices in Cyclical Real Exchange Rate Fluctuations‘, CEPR Discussion Paper No. 5306. CEPR Press, Paris & London. https://cepr.org/publications/dp5306
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