; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Real Exchange Rates and Primary Commodity Prices"; ; "batchuser@example.com"; "Ayres, João", "Nicolini, Juan Pablo", "Hevia, Constantino"; "Federal Reserve Bank of Minneapolis"; "Real exchange rate disconnect puzzle", "Primary commodity prices"; "F31 - Foreign Exchange", "F41 - Open Economy Macroeconomics"; "In this paper, we show that a substantial fraction of the volatility of real exchange rates between developed economies such as Germany, Japan, and the United Kingdom against the US dollar can be accounted for by shocks that affect the prices of primary commodities such as oil, aluminum, maize, or copper. Our analysis implies that existing models used to analyze real exchange rates between large economies that mostly focus on trade between differentiated final goods could benefit, in terms of matching the behavior of real exchange rates, by also considering trade in primary commodities. "^^; "2017-11-14"; "2019-05-20T18:19:33.07900003+00:00"^^; "https://doi.org/10.21034/wp.743"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-09-29T21:21:07.387249375+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "340", "44", "562"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "743"; "Primary commodity prices", "Real exchange rate disconnect puzzle"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; """Published in _Journal of International Economics_ (January 2020, article 103261), https://doi.org/10.1016/j.jinteco.2019.103261. An updated version of this Working Paper is available as [Staff Report 584](https://doi.org/10.21034/sr.584)."""^^; ; "Publication" . ; .