摘要：This paper addresses the consumption-real exchange rate anomaly. International
real business cycle models based on complete financial markets predict a unitary
correlation between the real exchange rate and the ratio of home to foreign
consumption when subjected to supply side shocks. In the data, this correlation
is usually small and often negative. This paper shows that this anomaly can be
successfully addressed by models that have an incomplete financial market
structure and a non-traded as well as traded goods production sector.
