Cheung, Yin-Wong; Chinn, Menzie David; Fujii, Eiji - 2021
We examine the relationship between market structure and the persistence of U.S. dollar-based sectoral real exchange … pronounced. These findings imply that an imperfectly competitive market structure contributes to the well-documented persistence … rates for fourteen OECD countries. Our empirical results based on disaggregated data suggest that differences in market …