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This paper shows that the dominant view that the high variability of real exchange rates is due to movements in exchange rate-adjusted prices of tradable goods does not hold for Mexican data for periods with a managed exchange rate. The relative price of nontradables accounts for up to 70 percent of real exchange rate variability during these periods. The paper also proposes a model in which this fact, and the sudden stops that accompanied the collapse of Mexico's managed exchange rates, could result from a Fisherian debt-deflation mechanism operating via nontradables prices in economies with dollarized liabilities.

Electronic books. -- local. --- Foreign exchange rates -- Developing countries -- Econometric models. --- Foreign exchange rates -- Mexico -- Econometric models. --- Prices -- Mexico. --- Finance --- Business & Economics --- International Finance --- Foreign exchange rates --- Prices --- Econometric models. --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Rates --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Macroeconomics: Consumption --- Saving --- Wealth --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Currency --- Monetary economics --- Real exchange rates --- Consumption --- Managed exchange rates --- Exchange rate arrangements --- Credit --- Economics --- Mexico

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