Imbs, Jean M.; Mumtaz, Haroon; Ravn, Morten O.; Rey, … - 2021
dynamics of disaggregated relative prices. When heterogeneity is properly taken into account, estimates of the real exchange … puzzle. We also explain why traded goods prices account for the bulk of the persistence and volatility of the real exchange … rate half-life fall dramatically, to little more than one year, or significantly below Rogoff's consensus view' of three to …