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Manufacturing Restructuring and the Role of Real Exchange Rate Shocks
Ekholm, Karolina; Moxnes, Andreas; Ulltveit-Moe, … - C.E.P.R. Discussion Papers - 2008
productivity and restructuring. Unlike previous studies we are able to account for the heterogeneity across firms in their exposure … by increasing productivity. The RER shock was associated with substantial within-firm productivity gains for net … exporters; gains that seem to have come about partly through technological improvements. The productivity gains also appear to …
Persistent link: https://www.econbiz.de/10005666743
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The Purchasing Power Parity Debate
Taylor, Alan M.; Taylor, Mark P - C.E.P.R. Discussion Papers - 2004
Originally propounded by the 16th-century scholars of the University of Salamanca, the concept of purchasing power parity (PPP) was revived in the interwar period in the context of the debate concerning the appropriate level at which to re-establish international exchange rate parities. Broadly...
Persistent link: https://www.econbiz.de/10005662378
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The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates
Lane, Philip R.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2000
The relationship between international payments and the real exchange rate - the ‘transfer problem’ - is one of the classic questions in international economics. In this paper we use cross-country data on real exchange rates and a newly constructed data set on countries’ net external...
Persistent link: https://www.econbiz.de/10005067388
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Identifying Determinants of Germany's International Price Competitiveness: A Structural VAR Approach
Meurers, Martin - Economics Department, Organisation de Coopération et … - 2006
The paper employs a structural vector auto-regression (SVAR) along the lines of Blanchard and Quah (1989) and Clarida and Gali (1994) to identify the sources of changes in German international price competitiveness over the past 30 years. This leads to a separation of the driving forces of the...
Persistent link: https://www.econbiz.de/10005045622
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Mean reversion in long-horizon real exchange rates: Evidence from Latin America
Astorga, Pablo - In: Journal of International Money and Finance 31 (2012) 6, pp. 1529-1550
This paper examines mean reversion in real effective exchange rates in six leading Latin American economies during the XXth century using a new data set. A unit-root approach is complemented by an error-correction model including key fundamentals such as terms of trade, trade openness and...
Persistent link: https://www.econbiz.de/10011048468
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Revisiting the importance of non-tradable goods' prices in cyclical real exchange rate fluctuations
Bache, Ida Wolden; Sveen, Tommy; Torstensen, Kjersti Næss - In: European Economic Review 57 (2013) C, pp. 98-107
In an influential paper Engel (1999) argues that essentially all the fluctuations in the real exchange rate can be attributed to fluctuations in the relative price of traded goods, and that only a small part of the fluctuations can be attributed to changes in the relative price of non-tradables....
Persistent link: https://www.econbiz.de/10011048649
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Real Exchange Rates and Sectoral Productivity in the Eurozone
Berka, Martin; Devereux, Michael B; Engel, Charles M - C.E.P.R. Discussion Papers - 2014
We investigate the link between real exchange rates and sectoral total factor productivity measures for countries in … previous studies that have found little relationship between productivity levels and the real exchange rate among high …
Persistent link: https://www.econbiz.de/10011083214
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Optimal Monetary Policy and the Sources of Local-Currency Price Stability
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - C.E.P.R. Discussion Papers - 2007
We analyze the policy trade-offs generated by local currency price stability of imports in economies where upstream producers strategically interact with downstream firms selling the final goods to consumers. We study the effects of staggered price setting at the downstream level on the optimal...
Persistent link: https://www.econbiz.de/10005661514
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International Business Cycles: The Quantitative Role of Transportation Costs
Mazzenga, Elisabetta; Ravn, Morten O - C.E.P.R. Discussion Papers - 2002
We evaluate the quantitative effects of introducing costs of transporation into an international trade model. We model these costs through the introduction of international transportation services sector. Costs of transportation have substantial long-run effects on welfare and may impact on the...
Persistent link: https://www.econbiz.de/10005661803
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Real Exchange Rate Overshooting RBC Style
Meenagh, David; Minford, Patrick; Nowell, Eric; Sofat, … - C.E.P.R. Discussion Papers - 2005
, using UK experience as empirical focus. We show that a productivity burst simulation is capable of explaining the …
Persistent link: https://www.econbiz.de/10005791457