Crespo-Cuaresma, Jesús; Fidrmuc, Jarko; McDonald, Ronald - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2003
is able to convincingly explain the long-run dynamics of exchange rates in CEECs, particularly when this is supplemented … by a Balassa-Samuelson effect. We then use our long-run monetary estimates to compute equilibrium exchange rates. Finally …