The Behavior of Nontradable Goods Prices in Europe: Evidence and Interpretation
- 1 January 1993
- journal article
- Published by International Monetary Fund (IMF) in IMF Working Papers
- Vol. 93 (45)
- https://doi.org/10.5089/9781451974263.001
Abstract
This paper examines the evolution of the relative price between tradable and nontradable goods in a group of European countries. A model of an open economy is used to analyze different factors that can account for an increase in the relative price of nontradable goods. These factors are: (a) faster technological progress in the tradable goods sector; (b) demand shifts toward nontradable goods; and (c) real wage pressures. The relevance of these factors is analyzed empirically for France, Germany, Italy, Spain and the United Kingdom.Keywords
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