Real exchange rate fluctuations, wage stickiness and tradability
通过区分生产要素的可贸易性，发现非贸易部门相对工资通过分销服务成本影响实际汇率，基于美加月度数据，相对工资解释了一月期实际汇率变动的40%。
Abstract When we classify factors of production by their tradability, the relative wage of nontraded labour influences the real exchange rate through the relative cost of distribution services. We confirm this prediction using monthly data on the sector‐level US–Canada real exchange rate and the relative wage of service‐producing labour. The relative wage accounts for 40% of the variability of the real exchange rate at a one‐month horizon. Furthermore, when we use the effective nontraded labour content to classify goods into nontraded and traded ones, the variability of the price of the nontraded‐goods basket accounts for more than half of the variability of the real exchange rate.