Accounting for U.S. Real Exchange Rate Changes
衡量了美国实际汇率变动中可由非贸易品相对价格变动解释的比例，涵盖从一个月到三十年的不同时间跨度，并使用了五种不同的非贸易品价格和实际汇率指标，结果发现非贸易品相对价格对美国与日本实际汇率变动的解释力有限。
This study measures the proportion of U.S. real exchange rate movements that can be accounted for by movements in the relative prices of nontraded goods. The decomposition is done at all possible horizons that the data allow‐from one month up to 30 years. The accounting is performed with five different measures of non‐traded‐goods prices and real exchange rates, for exchange rates of the United States relative to a number of other high‐income countries in each case. The outcome is surprising: relative prices of movement of U.S. real exchange rate with Japan. The possibility of mismeasurement of traded‐goods prices is explored.