NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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A Behavioral Explanation for the Puzzling Persistence of the Aggregate Real Exchange Rate

Mario J. Crucini, Mototsugu Shintani, Takayuki Tsuruga

NBER Working Paper No. 27420
Issued in June 2020

---- Acknowledgments ----

Mototsugu Shintani and Takayuki Tsuruga gratefully acknowledge the financial support of Grant-in-aid for Scientific Research (15H05728, 15H05729, 17H02510, and 18K01684), the Joint Usage/Research Center at the Institute of Social and Economic Research (Osaka University), the Kyoto Institute of Economic Research (Kyoto University), and the International Joint Research Promotion Program in Osaka University. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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