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In this Paper we present an overview of a number of issues relating to the equilibrium exchange rates of the new EU member states from Central and Eastern Europe. In particular, we present a critical overview of the various methods available for calculating equilibrium exchange rates and discuss...
Persistent link: https://www.econbiz.de/10005662370
How do economic policies and institutions affect job reallocation processes and their consequences for productivity … Soviet Republics of Russia and Ukraine. Exploiting annual manufacturing census data from 1985 to 2000, we find that Soviet … Russia displayed job flow behaviour quite different from market economies, with very low rates of job reallocation that bear …
Persistent link: https://www.econbiz.de/10005123720
productivity effects of gross job flow rates before and after reforms. Job creation was low throughout the period in this sector … also increased significantly. Intra- and inter-sectoral job reallocation had no effect on aggregate labour productivity … the firms with the lowest productivity. …
Persistent link: https://www.econbiz.de/10005666804
and Russia, have not been converging to the technological frontier set by foreign owned firms. In both countries, the … from 1995-97 to 1998-2000. The distance to the frontier is, however, orders of magnitude greater in Russia than in the … Republic, however, this ‘negative spillover’ effect is diminished over time, whereas in Russia it continues to cause domestic …
Persistent link: https://www.econbiz.de/10005791421
advanced economies. We examine the extent of this convergence in the Czech Republic and Russia, economies that represent …
Persistent link: https://www.econbiz.de/10005792168
, perhaps more importantly, the sign of the estimated coefficient of the productivity variable and of two other variables …
Persistent link: https://www.econbiz.de/10005123853
The Paper considers alternative exchange rate regimes for the 10 East European accession candidates, both prior to EU accession and during the period following EU accession but prior to EMU membership. We conclude that from an economic point of view, EMU membership should be as early as...
Persistent link: https://www.econbiz.de/10005661669
We propose an exchange rate model that can explain both the observed volatility and the persistence of real and nominal exchange rate movements and thus in some measure resolves Rogoff’s (1996) purchasing power parity puzzle. Our analysis reconciles the well-known difficulties in beating the...
Persistent link: https://www.econbiz.de/10005124271
The standard expectations augmented theory of ex-ante purchasing power parity (PPP), which was first developed by Roll, assumes that agents are risk neutral. A Covered Purchasing Power Condition is developed which holds for the general case of risk aversion. A risk-augmented form of ex-ante PPP...
Persistent link: https://www.econbiz.de/10005124291
In this Paper we test empirically the validity of the law of one price using data for five major bilateral US dollar exchange rates and nine goods sectors during the recent floating exchange rate regime since the early 1970s. Using threshold autoregressive models, we find strong evidence of...
Persistent link: https://www.econbiz.de/10005136432