to the stock-flow approach and augmenting the monetary model with share prices and the country risk premium improves … commodity prices do not help explain the large depreciations. While these models do a reasonably good job in-sample, their out …

We find that productivity gains in tradables cause an appreciation of the real exchange rate via both tradable and … nontradable prices in the CEE-5 and have no affect in the Baltic countries, while they lead to a depreciation of the real exchange … rate of tradables in OECD economies that overcompensates the appreciation due to nontradable prices. Rising net foreign …

Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the … real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample … argue that changes in trade costs over time may affect the impact of productivity on the real exchange rate over time. We …

advantage in manufactures. This paper explores the evolution of China’s relative unit labor costs in manufacturing over 1998 …-2009. Between 1998 and 2003 China’s unit labor costs fell, but since 2003 they have increased both absolutely and relative to US … unit labor costs. Much of the rise in China’s relative unit labor costs can be traced to a real appreciation of the yuan …

domestic as well as weighted foreign prices is a homogeneous function of a country’s international investment position. We find …

negative impact of currency appreciation as well as currency volatility on Indian firms’ export shares. The labor costs are …