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az6zzt bilateral real exchange cointegrating vector Cointegration-Euler Equation Approach consumption in different consumption of non-traded consumption of traded contains a trend cross-country consumption disparity cross-country disparity David Card deterministic cointegration restriction difference stationarity different countries Economic empirical Euler equation exchange rate movements fails to reject foreign country Glenn Hubbard home country http://nber.harvard.edu Japan Japanese Yen Korean Won linear time trend long run movement movement of qt movement of real NBER Working Papers null of difference null of trend Number Ogaki preference parameters preference shocks Price Index private consumption productivity differential productivity shocks rate and private real appreciation real exchange rate reject the null restriction was rejected significance level South Korea South Korea/Japan South Korea/U.S. stochastic cointegration restriction sumption Taiwan dollars Taiwan/Japan Taiwan/U.S. terms of trade tests with q traded and non-traded trend property trend stationarity U.S. dollars unit root variables WPI Equation zt and zt