Engel (1999) RE and Nontraded-Goods Prices

"relative prices of nontraded goods appear to account for almost none of the movement of U.S. real exchange rates."

非貿易財の相対価格は実質為替レートの動きをほとんど説明していない。

Note that ...

"it should be emphasized that this study cannot shed light
on the importance of the relative price of nontraded goods in determining
the real exchange rate in the long run. Engel (1996), in
fact, argues that nontraded-goods prices could have a large impact
on real exchange rates at long horizons."

Engel (1999) "Accounting for U.S. Real Exchange Rate Changes"