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Regional patterns in the law of one price : the roles of geography vs. currencies

Author: Charles Engel; John Harold Rogers; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1995.
Series: Working paper series (National Bureau of Economic Research), working paper no. 5395.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: We find evidence that the law of one price (LOOP) holds more nearly for country pairs that are within geographic regions than for country pairs that are not. These findings are established using disaggregated consumer price data from 23 countries (including data from eight North American cities). We find that failures of LOOP are closely related to nominal exchange rate variability, suggesting a link to  Read more...
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Additional Physical Format: Print version:
Engel, Charles.
Regional patterns in the law of one price.
Cambridge, MA : National Bureau of Economic Research, ©1995
(OCoLC)34073607
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Charles Engel; John Harold Rogers; National Bureau of Economic Research.
OCLC Number: 648412620
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (36, [7] pages).
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 5395.
Responsibility: Charles Engel, John H. Rogers.

Abstract:

Abstract: We find evidence that the law of one price (LOOP) holds more nearly for country pairs that are within geographic regions than for country pairs that are not. These findings are established using disaggregated consumer price data from 23 countries (including data from eight North American cities). We find that failures of LOOP are closely related to nominal exchange rate variability, suggesting a link to sticky nominal prices. We also find that distance can explain failures of LOOP, suggesting the failures arise from imperfect market integration. However, these two sources do not explain all of the failure of LOOP. We speculate that integrated marketing and distribution systems within regions cause LOOP to hold more nearly intraregionally. We present a formal model of marketing and distribution to illustrate this hypothesis.

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