000	02005cam  2200325za 4500
001	9.835926
003	CaOODSP
005	20221107150759
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008	170428s2017    oncd    ob   f000 0 eng d
040	|aCaOODSP|beng
041	|aeng|bfre
043	|an-cn---
086	1 |aFB3-5/2017-12E-PDF
100	1 |aCrucini, Mario J.|q(Mario John),|d1962-
245	10|aAccounting for real exchange rates using micro‐data |h[electronic resource] / |cby Mario J. Crucini and Anthony Landry.
260	|a[Ottawa] : |bBank of Canada, |c2017.
300	|aii, 36 p. : |bcol. charts
490	1 |aBank of Canada staff working paper, |x1701-9397 ; |v2017-12
500	|a"April 2017."
504	|aIncludes bibliographical references (p. 26-27).
520	3 |a“The classical dichotomy predicts that all of the time-series variance in the aggregate realexchange rate is accounted for by non-traded goods in the consumer price index (CPI)basket because traded goods obey the Law of One Price. In stark contrast, Engel (1999)claimed the opposite: that traded goods accounted for all of the variance. Using micro-data and recognizing that final good prices include both the cost of the goods themselves and local, non-traded inputs into retail such as labor and retail space, our work re-establishes the conceptual value of the classical dichotomy. We also carefully show the role of aggregation, consumption expenditure weighting and assignment of covariance terms in the differences between our findings and those of Engel"--Abstract, p. ii.
546	|aIncludes abstract in French.
692	07|2gccst|aExchange rates
692	07|2gccst|aCapital markets
692	07|2gccst|aInternational markets
700	1 |aLandry, Anthony Emmanuel.
710	2 |aBank of Canada.
830	#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2017-12|w(CaOODSP)9.806221
856	40|qPDF|s473 KB|uhttps://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-5-2017-12-eng.pdf