apparently in favour of Balassa-Samuelson effects may require a re-interpretation. The model is estimated for a panel of CEE … scheinen, müssen deshalb möglicherweise neu interpretiert werden. Das Modell wird für ein Panel von mittel- und osteuropäischen …

a single good and a weighted sum of relative prices between goods. When applying a battery of panel unit root tests to … PPP is invalid even if the LOP holds for all goods. The findings contrast with the result from panel unit root tests that …

Panel unit root tests of real exchange rates – as opposed to univariate tests – usually reject non-stationarity. These … correlation matrix affect the size of first and second generation panel unit root tests. Two components of the real exchange rate …, the real exchange rate of a single good and a weighted sum of relative prices, are constructed from the data for a panel …