Search Results

Trade barriers and the relative price of tradables,
Michael Sposi, in Journal of International Economics (2015)
Keywords: Relative prices; Tradables; Nontradables; Trade barriers;

Cost-Benefit Analysis for Investment Decisions: Chapter 9 (The Shadow Price of Foreign Exchange and Non-Tradable Outlays),
Glenn Jenkins, Chun-Yan Kuo and Arnold Harberger, from JDI Executive Programs (2011)
Keywords: foreign exchange, economic cost of non-tradable outlays

The relative price of tradables and nontradables and the U.S. trade balance,
Joachim Zietz, in Open Economies Review (1996)
Keywords: tradables, nontradables, real exchange rate, U.S. net exports, cointegration,

On the Differences in Price Levels between the Czech Republic and Germany,
Michal Skoøepa, in Czech Journal of Economics and Finance (Finance a uver) (2001)
Keywords: comparative price level; tradable and non-tradable goods; law of one price

Non-tradables in Brazilian economic history,
Eustáquio Reis, in EconomiA (2023)
Keywords: Brazil, History, Crisis, Industrialization, Hyperinflation, Non-tradables

Non-tradable goods and the border effect puzzle,
Xiaoyun Liu, John Whalley and Xian Xin, in Economic Modelling (2010)
Keywords: Border effect Non-tradable goods

The Balassa–Samuelson effect and pricing-to-market: The role of strategic complementarity,
Eddy Bekkers and Ina Simonovska, in Economics Letters (2015)
Keywords: Strategic complementarity; Relative prices; Tradables; Non-tradables; Balassa–Samuelson effect;

Natural Resources, Tradable and Non-tradable Sector: An Exemplification with Bolivia, a Boom - Tradable and Non-tradable Model,
Roger Banegas Rivero, Marco Alberto N ez Ram Rez and Luis Escobar Caba, in International Journal of Energy Economics and Policy (2017)
Keywords: Dutch disease, Growth, Resource booms, Dependence, Tradable, Non-tradable.

Relative Sectoral Prices and Population Ageing: A Common Trend,
Max Groneck and Christoph Kaufmann, from University of Cologne, Department of Economics (2014)
Keywords: Demographic change, relative price of non-tradables, real exchange rate

Measuring multifractality of stock price fluctuation using multifractal detrended fluctuation analysis,
Ying Yuan, Xin-tian Zhuang and Xiu Jin, in Physica A: Statistical Mechanics and its Applications (2009)
Keywords: Risk; Generalized Hurst exponents; Price limits; Reform of non-tradable shares;

Tradable and non-tradable expenditure and aggregate demand for imports in an emerging market economy,
Öner Günçavdı and Burç Ülengin, in Economic Systems (2017)
Keywords: Import demand; Non-separability; Tradable and non-tradable expenditure; Capital inflows; Premature de-industrialisation; Turkey;

Productivity Growth of the Non-Tradable Sectors in China,
Dong He, Wenlang Zhang, Gaofeng Han and Tommy Wu, from Hong Kong Institute for Monetary Research (2012)
Keywords: Tradable and Non-Tradable Sectors, Internal Real Exchange Rate, Total Factor Productivity

Tradable, Non-Tradable and Education Sectors in a Multi-Country Economic Growth Model with Endogenous Wealth and Human Capital,
Wei-Bin Zhang, in Economic Research Guardian (2014)
Keywords: Trade pattern, Education, Non-tradable, Wealth accumulation

A real business cycle model with tradable and non-tradable goods for the Spanish economy,
José M. Martín-Moreno, Rafaela Perez and Jesus Ruiz, in Economic Modelling (2014)
Keywords: Small open economy; Tradable goods; Non-tradable goods; Business cycle; DSGE model;

The impact of financial constraints on tradable and non-tradable R&D investments in Portugal,
Manuela Magalhães, from University Library of Munich, Germany (2020)
Keywords: : Credit constraints, firm-level data, productivity, R&D, tradable and non-tradable goods.

Deregulation in non-tradable goods sector and relocation of firms in tradable goods sector,
Wataru Johdo, in Economics Bulletin (2019)
Keywords: Deregulation, Non-tradable goods sector, Tradable goods sector, Relocation of firms, Exchange Rate, Consumption

The local employment effect of house prices: Evidence from U.S. States,
N Kishor, Hardik A. Marfatia, Gooan Nam and Majid Haghani Rizi, in Journal of Housing Economics (2022)
Keywords: Housing Prices; Panel VAR Models; Regional Forecasting; Tradable and Non-Tradable Employment;

Aggregate Investment Expenditures on Tradable and Nontradable Goods,
Rudolfs Bems, in Review of Economic Dynamics (2008)
Keywords: Investment; Tradable and nontradable goods; Capital formation

Law of One Price,
Lawrence H. Officer, from Springer (2022)
Keywords: Law of one price, Tradables, Nontradables, Purchasing power parity

A European Disease?Non-tradable inflation and real interest rate divergence,
Sophie Piton, from HAL (2016)
Keywords: Non-tradable prices,Balassa-Samuelson effect,Real interest rate,Secteur abrité,effet Balassa-Samuelson,taux d'intérêt réel

A European Disease?Non-tradable inflation and real interest rate divergence,
Sophie Piton, from HAL (2016)
Keywords: Non-tradable prices,Balassa-Samuelson effect,Real interest rate,Secteur abrité,effet Balassa-Samuelson,taux d'intérêt réel

Strategic policies with foreign non-tradable input suppliers,
Arijit Mukherjee, from University of Nottingham, School of Economics (2007)
Keywords: Foreign input supplier, Non-tradable input, Per-unit tax/subsidy, Profit tax, Strategic policy

Portfolio Choice in the Presence of Non-Tradable Income: An Experimental Analysis,
Klos Alexander and Martin Weber, in German Economic Review (2006)
Keywords: Portfolio choice, experimental economics, non-tradable income, background risk

Location choice, competition, and welfare in non-tradable service FDI,
Hiroshi Kurata, Takao Ohkawa and Makoto Okamura, in International Review of Economics & Finance (2009)
Keywords: Non-tradable service FDI Location choice Quasi-Cournot behavior

Trading and earnings management: Evidence from China's non-tradable share reform,
Gang Xiao, in Journal of Corporate Finance (2015)
Keywords: Trading; Earnings management; The non-tradable share reform of China;

Income Distribution, Factor Endowments, and Trade Revisited: The Role of Non-Tradable Goods,
Sebastian Galiani, Daniel Heymann and Nicolas Magud, in Journal of Globalization and Development (2017)
Keywords: income distribution, international trade, non-tradable goods, Stolper-Samuelson effects

Politicians, insiders and non-tradable share reform decisions in China,
Jing Liao, Chris Malone and Martin Young, in Journal of International Financial Markets, Institutions and Money (2016)
Keywords: Non-tradable share reform; Politically connected CEOs; Top management; China;

Income Distribution, Factor Endowments, and Trade Revisited: The Role of Non-Tradable Goods,
Sebastian Galiani, Daniel Heymann and Nicolas Magud, from Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) (2016)
Keywords: Income distribution, Factor endowments, International trade, Non-tradable goods

Consideration in non-tradable shares reform: the compensation for benefit expropriation,
Weiting Huang, Jia He and GuiJun Zhang, in China Finance Review International (2014)
Keywords: Consideration, Capital occupation, Non-tradable shares reform, Reconstruction form

External rebalancing is not just an exporters' story: real exchange rates, the non-tradable sector and the euro,
Eric Ruscher and Guntram Wolff, from University Library of Munich, Germany (2009)
Keywords: real exchange rate, non-tradable sector, euro

Time Path of Price Adjustment in Domestic Markets of Non-tradable Staples to Changes in World Market Prices,
Ousmane Badiane, Anatole Goudan and Mahamadou Tankari, from University Library of Munich, Germany (2013)
Keywords: Prices, Markets, Niger

The size of the tradable and non-tradable sectors: Evidence from input–output tables for 25 countries,
Giovanni Lombardo and Federico Ravenna, in Economics Letters (2012)
Keywords: International trade; Input–output tables; Non-tradable goods;

GOLD VALUE WITH TRADABLE AND NON-TRADABLE GOODS IN A MULTI- COUNTRY GROWTH MODEL WITH FREE TRADE,
Wei-Bin Zhang, in Economic Review: Journal of Economics and Business (2016)
Keywords: trade pattern, gold value, tradable and non-tradable, economic growth, wealth accumulation

GOVERNMENTS’ DEBTS AND PUBLIC GOODS IN A MULTI-COUNTRY. GROWTH MODEL WITH TRADABLE AND NON-TRADABLE GOODS,
Wei-Bin Zhang, in Journal of Smart Economic Growth (2017)
Keywords: trade pattern, government’s debt, tradable and non-tradable, economic growth, wealth accumulation

Decomposition into Tradables and Nontradables and the Purchasing Power Parity (PPP) Hypothesis of the Real Won-dollar Exchange Rate,
Deockhyun Ryu and Heechae Ko, in East Asian Economic Review (2011)
Keywords: PPP-Hypothesis; PPP-Puzzle; CPI; Tradable; Non-tradable

Can proximity to urban green spaces be considered a luxury? Classifying a non-tradable good with the use of hedonic pricing method,
Edyta Łaszkiewicz, Piotr Czembrowski and Jakub Kronenberg, in Ecological Economics (2019)
Keywords: Environmental justice; Hedonic pricing method; Spatial econometrics; Urban parks and forests; Marginal willingness to pay; Distance decay function;

Price–volume multifractal analysis and its application in Chinese stock markets,
Ying Yuan, Xin-tian Zhuang and Zhi-ying Liu, in Physica A: Statistical Mechanics and its Applications (2012)
Keywords: Trading volume; Generalized Hurst exponents; Price Limits; Reform of Non-tradable Shares; Financial crisis;

Optimal Monetary Policy in a Small Open Economy with Non-tradable Goods,
Pengfei Jia, from University Library of Munich, Germany (2021)
Keywords: Optimal monetary policy; Small open economy; Non-tradable goods, Business cycles; Exchange rates

The “Backus-Smith” puzzle, non-tradable output, and international business cycles,
Soojae Moon, in Studies in Economics and Finance (2016)
Keywords: Consumption-real exchange rate anomaly, Heterogeneous firms, Intermediate goods, Non-tradable output

External rebalancing is not just an exporters' story: real exchange rates, the non-tradable sector and the euro,
Eric Ruscher and Guntram Wolff, from Directorate General Economic and Financial Affairs (DG ECFIN), European Commission (2009)
Keywords: Real exchange rates, the non-tradable sector, the euro, Ruscher , Wolff

Does the Digital Economy Promote Domestic Non-Tradable Sectors?: Evidence from China,
Chunying Cui and Ziwei Yan, in Sustainability (2023)
Keywords: digital economy; domestic non-tradable sectors; regional economic growth

Can Business Groups Survive Institutional Advancements? Examining the Role of Internal Market for Non-Tradable, Intangible Assets,
Kyuho Jin, in Sustainability (2022)
Keywords: business group; internal market; non-tradable assets; organizational capabilities

An Evaluation of Asymmetric and Symmetric Effects of Oil Exports Shocks on Non-Tradable Sector of Iranian Economy,
Shamsollah Shirinbakhsh and Maryam Moghaddas Bayat, in Journal for Economic Forecasting (2011)
Keywords: non-tradable sector, Dutch Disease, oil shocks, rolling regression, VAR

How crucial are preferences for non-tradable goods and cross-country sectoral TFP gap for integration?,
Marion Davin, Karine Gente and Carine Nourry, in Journal of Macroeconomics (2018)
Keywords: Two-sector model; Non-tradable goods; Endogenous growth; Economic integration;

Fiscal devaluation in the Euro area: The role of rigidities, non-tradables, and social security contributions,
Annika Ivens, in Journal of International Money and Finance (2018)
Keywords: Fiscal devaluation; Value added tax; 2-country model; Non-tradables;

Reallocation of Resources within the National Productive System in Bolivia: A View from the Perspective of Tradable and Non-Tradable Goods,
Sergio Villarroel-Böhrt, in Economía Mexicana NUEVA ÉPOCA (2007)
Keywords: Inter-sector labor mobility, Internal balance, Tradable-Nontradable (TNT) model

Estimation of Non-tradable Economic Conversion Factors: An Operational Guide for Republic of Mozambique,
Abdallah Othman, Glenn Jenkins and Mikhail Miklyaev, from JDI Executive Programs (2022)
Keywords: Conversion Factors, Mozambique, Non- tradable

MEASURING THE FOREIGN EXCHANGE PREMIUM AND THE PREMIUM FOR NON-TRADABLE OUTLAYS FOR TWENTY COUNTRIES IN AFRICA,
Glenn Jenkins, Chun-Yan Kuo and Sener Salci, from JDI Executive Programs (2013)
Keywords: Distortions, taxes, subsidies, foreign exchange premium, premium for non-tradable outlays, tradable goods, Africa

Tradable and non-tradable inflation in Turkey: asymmetric responses to global factors,
Hülya Saygılı and Aysun Türkvatan, in Empirical Economics (2023)
Keywords: Inflation regimes, Tradable/non-tradable inflation, Markov regime-switching models, Probability score analysis

International Evidenceon Tradables and Nontradables Inflation,
Holger Wolf, Alberto Giovannini and Jose De Gregorio, from International Monetary Fund (1994)
Keywords: WP;exchange rate; nontradable goods; core EMS economy; relative price; sector result; supply curve; oil price increase; Inflation; Productivity; Income; Total factor productivity; Exchange rate arrangements; Europe

Regulating dynamic congestion externalities with tradable credit schemes: Does a unique equilibrium exist?,
Yue Bao, Erik Verhoef and Paul Koster, in Transportation Research Part B: Methodological (2019)
Keywords: Traffic congestion; Road pricing; Tradable permits; Tradable credits; Non-uniqueness;

Asymmetric Effects of Terms of Trade Shocks on Tradable and Non-tradable Investment Rates: The Colombian Case,
Camilo Alberto Cárdenas-Hurtado, Aaron Garavito and Jorge Hernán Toro-Córdoba, from Banco de la Republica de Colombia (2018)
Keywords: Asymmetries, Terms of Trade, Shocks, Tradable and Nontradable Investment Rates, Threshold VAR, Nonlinearities, Colombia.

Population aging, relative prices and capital flows across the globe,
Andrea Papetti, from Bank of Italy, Economic Research and International Relations Area (2021)
Keywords: population aging, relative prices, capital flows, overlapping generations, tradable nontradable, secular stagnation, structural transformation, global imbalances

Privatization and non-tradable stock reform in China: The case of Valin Steel Tube & Wire Co., Ltd,
Enyang Guo and Arthur J. Keown, in Global Finance Journal (2009)
Keywords: Ownership structure Non-tradable stock reform Chinese equity market Split share structure

Controlling shareholder, expropriations and firm's leverage decision: Evidence from Chinese Non-tradable share reform,
Qigui Liu and Gary Tian, in Journal of Corporate Finance (2012)
Keywords: Leverage decision; Excess control rights; Tunneling; Chinese non-tradable share reform;

Can Small Economies Act Strategically? The Case of Consumption Pollution and Non-tradable Goods,
Michael Michael, Panos Hatzipanayotou and Nikos Tsakiris, from Athens University of Economics and Business (2023)
Keywords: Pollution Leakage, Non-tradable Goods, Capital Mobility, Capital and Consumption Taxes, Consumption-generated Cross-border Pollution

ANALYSING THE EMPLOYMENT EFFECTS OF THE EXCHANGE RATE, FOREIGN DIRECT INVESTMENT AND TRADE OPENNESS ON SOUTH AFRICA’S NON-TRADABLE SECTORS,
Chama Chipeta, in JOURNAL STUDIA UNIVERSITATIS BABES-BOLYAI NEGOTIA (2022)
Keywords: job creation, employment, non-tradable sector, real exchange rate, and trade openness

Research on the Influence of Non-Tradable Share Reform on Cash Dividends in Chinese Listed Companies,
Fang Zou, Fangjie Su and Wei Peng, in International Journal of Business Administration (2012)
Keywords: Non-Tradable Share Reform, Large Shareholder Agency Problem, Tunneling, Cash Dividends

Can small economies act strategically? The case of consumption pollution and non-tradable goods,
Michael Michael, Panos Hatzipanayotou and Nikos Tsakiris, from University of Cyprus Department of Economics (2023)
Keywords: Pollution Leakage; Non-tradable Goods; Capital Mobility; Capital and Consumption Taxes; Consumption-generated Cross-border Pollution

Tradable or nontradable factors—what does the Hansen–Jagannathan distance tell us?,
Xiang Zhang, Yangyi Liu, Kun Wu and Bertrand Maillet, in International Review of Economics & Finance (2021)
Keywords: Tradable and nontradable factors; Hansen–Jagannathan distance; Misspecification errors; Factors mimicking portfolios;

Tradable or nontradable factors: what does the Hansen–Jagannathan distance tell us?,
Xiang Zhang, Yangyi Liu, Kun Wu and Bertrand Maillet, from HAL (2021)
Keywords: Tradable and nontradable factors,Hansen–Jagannathan distance,Misspecification errors,Factors mimicking portfolios

National Price Level,
Lawrence H. Officer, from Springer (2022)
Keywords: National price level, Purchasing power parity, Geary-Khamis, Fisher, Laspeyres, Paasche, Walsh, Law of one price, Tradables, Nontradables

Explaining Tradable and Non-tradable Prices in the U.K,
C L Melliss, in The Manchester School of Economic & Social Studies (1996)

Tradable and Non-tradable Inflation in Turkey: Predicting Different States with Markov Regime-Switching Approach,
Hulya Saygili and Aysun Turkvatan, from Research and Monetary Policy Department, Central Bank of the Republic of Turkey (2021)
Keywords: Inflation regimes, Tradable/non-tradable inflation, Markov regime-switching models, Probability score analysis

Growth, Nontradables, and Price Convergence in the Baltics,
Anthony Richards and Gunnar Tersman, from International Monetary Fund (1995)
Keywords: WP;price level;price;goods;inflation rate; nontradable goods sector; rate of inflation; current price; credit policy; Real exchange rates; Inflation; Income; Productivity; Conventional peg; Baltics; Northern Europe

Price limits in a tradable performance standard,
Banban Wang, William Pizer and Clayton Munnings, in Journal of Environmental Economics and Management (2022)
Keywords: Tradable performance standard; Price limits; Prices versus quantities; Consignment auction;

Geographic price dispersion in retail markets: Evidence from micro-data,
Inkoo Lee, in Journal of Macroeconomics (2010)
Keywords: Price dispersion Law of One Price Non-traded input Tradability

Cost-Benefit Analysis for Investment Decisions: Chapter 10 (Economic Prices for Tradable Goods and Services),
Glenn Jenkins, Chun-Yan Kuo and Arnold Harberger, from JDI Executive Programs (2011)
Keywords: tradable, non-tradable, importables, exportables, imports, exports, economic costs, economic benefits.

Analysis of the Relative Price of Nontradable Goods in the G7 Countries,
Masahiro Kawai, Munehisa Kasuya and Naohisa Hirakata, from Bank of Japan (2003)
Keywords: real exchange rate; relative price of nontradable goods; sectoral productivity differential; Balassa-Samuelson hypothesis

Pricing and hedging of derivatives based on non-tradable underlyings,
Stefan Ankirchner, Peter Imkeller and Goncalo dos Reis, from arXiv.org (2007)

Discrepancies between Purchasing Power Parities and Exchange Rates under the Law of One Price: A Puzzle (partly) Explained?,
Leon Podkaminer, from The Vienna Institute for International Economic Studies, wiiw (2010)
Keywords: Purchasing Power Parity, exchange rate, PPP/ER discrepancy, Law of One Price, Balassa-Samuelson Effect, trade integration, computable general equilibrium, cross-country systems of demand functions, Almost Ideal Demand System, tradable goods, non-tradable goods

Productivity Gap between Tradable and Non-Tradable Industries and Duality in Higher Education,
Elise Brezis and Gilad Brand, from Bar-Ilan University, Department of Economics (2017)
Keywords: ability, skills, productivity, tradable goods, services, duality, higher education, human capital, wage premium.

Tradable and non-tradable prices in the UK and EC: measurement and explanation,
C L Melliss, from Bank of England (1993)

Tradability of output, business cycles and asset prices,
Mary Tian, in Journal of Financial Economics (2018)
Keywords: Tradability; Cyclicality; Real exchange rate; Relative price adjustment;

A third sector in the core-periphery model: non-tradable goods,
Vasco Leite, Sofia B.S.D. Castro and Joao Correia-da-Silva, from Universidade do Porto, Faculdade de Economia do Porto (2009)
Keywords: New economic geography, Core-periphery model, Footloose entrepreneur, Nontradable goods

Permanent and Temporary Oil Price Shocks, Macroeconomic Policy, and Tradable Non-oil Sector: Case of Azerbaijan, Kazakhstan, and Russia,
Ramiz Rahmanov, from Central Bank of Azerbaijan Republic (2016)
Keywords: permanent oil price shock, temporary oil price shock, macroeconomic policy, non-oil economy, Permanent income hypothesis, Dutch disease, VARX, Azerbaijan, Kazakhstan, Russia

National Price Levels and the Prices of Tradables and Nontradables,
Irving B Kravis and Robert Lipsey, in American Economic Review (1988)

National Price Levels and the Prices of Tradables and Nontradables,
Irving B. Kravis and Robert Lipsey, from National Bureau of Economic Research, Inc (1988)

The Evolution of Tradable and Non Tradable Employment: Evidence from France,
Philippe Frocrain and Pierre-Noël Giraud, from HAL (2019)
Keywords: tradable,non-tradable,globalization,multiplier,local labor market,French employment structure

Are Wages Equal Across Sectors of Production? A Panel Data Analysis for Tradable and Non-Tradable Goods,
Achim Schmillen, from Bavarian Graduate Program in Economics (BGPE) (2011)
Keywords: Balassa-Samuelson, Wage equalization, Tradability

Prices of Tradable and Nontradable Goods in the Demand for Total Imports,
Morris Goldstein, Mohsin Khan and Lawrence Officer, in The Review of Economics and Statistics (1980)

NEW MEASURES OF PRICES AND PRODUCTIVITY FOR TRADABLE AND NONTRADABLE GOODS*,
Morris Goldstein and Lawrence H. Officer, in Review of Income and Wealth (1979)

Prices of Tradable and Nontradable Goods in the Demand for Total Imports,
Morris Goldstein, Mohsin Khan and Lawrence H. Officer, from World Scientific Publishing Co. Pte. Ltd. (2017)
Keywords: Trade, Currencies, Finance, IMF, Financial Regulation, Trade Elasticities, China,

The Behavior of Nontradable Goods Prices in Europe: Evidence and Interpretation,
Jose De Gregorio, Thomas Krueger and Alberto Giovannini, from International Monetary Fund (1993)
Keywords: WP;exchange rate;real wage;price level; goods sector; nontradable goods; present discounted value; goods market imperfection; Real exchange rates; Real wages; Total factor productivity; Labor demand; Labor productivity; Europe

Real exchange rate fluctuations and the relative importance of nontradables,
Alice Ouyang and Ramkishen Rajan, in Journal of International Money and Finance (2013)
Keywords: Nontradables; Purchasing Power Parity (PPP); Real exchange rate; Tradables;

The Declining Importance of Tradable Goods Manufacturing in Australia and New Zealand: How Much Can Growth Theory Explain?,
Benjamin Hunt, from International Monetary Fund (2009)
Keywords: WP;goods;unbalanced growth;price;goods production;service price inflation pressure; Deindustrialization; Australia; New Zealand; goods sector; tradable goods inflation; nontradable goods; unbalanced growth growth theory; Productivity; Inflation; Australia and New Zealand

Exchange rates and monetary policy when tradable and nontradable goods are complements,
William Craighead, in International Review of Economics & Finance (2024)
Keywords: New open economy macroeconomics; Nontradable goods; Complementarity; Optimal monetary policy;

Real Exchange Rates and the Prices of Nontradable Goods,
S. Micossi and Gian Maria Milesi-Ferretti, from International Monetary Fund (1994)
Keywords: WP;GDP deflator; productivity differential; productivity development; inflation differential; EMS dummy; relative price; labor productivity; tradable goods; productivity rates of change; mechanism of the EMS; goods deflator; Real exchange rates; Productivity; Manufacturing; Inflation; Deflation; Global

Adverse Selection, (Non-Tradable) Emission Permits and Optimal Price Differentiation,
Mourad Afif and Sandrine Spaeter, in Annals of Economics and Statistics (2011)

Real Exchange Rate of the Czech Koruna and the Prices of Non-tradable Goods and Services,
Martin Mandel and Vladimír Tomšík, in Acta Oeconomica Pragensia (2008)
Keywords: Balassa-Samuelson effect, real exchange rate, inflation