Accounting for U.S. Regional Real Exchange Rates
利用美国劳工统计局CPI数据，发现贸易品购买力平价在美国各地区间成立，非贸易品相对价格变化可解释中长期地区实际汇率变动的80%，并指出非贸易品在国际实际汇率变动中同样重要。
We examine the relationship between the relative price of nontradables and real exchange rate movements for fixed exchange rate regimes. Using BLS CPI data, we show that purchasing power parity holds strongly for tradables across U.S. regions. As a result, nontradables play a central role in U.S. regional real exchange rate movements. Indeed changes in the relative price of nontradables explain up to 80% of regional real exchange rate changes over medium and long run horizons. We also argue that nontradables can account for a large portion of real exchange rate changes internationally with high nontradables expenditure shares.