Gehrke, Britta; Yao, Fang - 2013 - This version: August 2013
exchange rate and trade balance fluctuations of the US vis- -vis an aggregate of industrialized countries . The real exchange … rate is further driven by nominal shocks originating in financial markets. In light of these results, real exchange rate … restrictions from a New Open Economy Macro model. We find evidence that real supply disturbances account for 15% 25% of real …