Korhonen, Iikka; Juurikkala, Tuuli - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2007
We assess the determinants of equilibrium real exchange rates in a sample of oil-dependent countries. Our basic data … estimators, we find that the price of oil has a clear, statistically significant effect on real exchange rates in our group of … contrasts starkly with the consensus view of real exchange rates determinants, emphasising the unique position of oil …