Bache, Ida Wolden; Sveen, Tommy; Torstensen, Kjersti Næss - In: European Economic Review 57 (2013) C, pp. 98-107
In an influential paper Engel (1999) argues that essentially all the fluctuations in the real exchange rate can be attributed to fluctuations in the relative price of traded goods, and that only a small part of the fluctuations can be attributed to changes in the relative price of non-tradables....
