estimated with greater precision. The most empirically successful models include productivity measures, government spend- ing …

The evidence for a productivity-based explanation for real exchange rate behavior of East Asian currencies is examined … relative productivity ratios, one finds a relationship for Japan, Malaysia, and the Philippines. Only when augmenting the … productivity variables, as well as other demand side factors, are less encouraging, except for a small subset of countries …

dynamic productivity-based models are used to motivate the empirical exercise. The candidate determinants include productivity … sectoral productivity differentials is estimated with greater precision as long as homogeneity of parameters is imposed upon … most empirically successful model of the real exchange rate includes sectoral productivity measures in the long run …

nontraded goods in each country should reflect the relative productivity of labor in the traded and nontraded goods sectors …

-constraints and the profitability of engaging in innovation (R&D). We decompose the effects of RER changes on productivity growth …

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 …

This paper develops a structural VAR model to measure how a shock to one country can affect the GDP of other countries …. It uses trade linkages to estimate the multiplier effects of a shock as it is transmitted through other countries' output …-trade matrix. For example, due to these output-multiplier effects, a shock to one country can have a large impact on countries that …

impact of a shock can be boiled down into two components: its "pure" technology effect; and its effect on allocative …

increased competition from demand shocks in export markets - and the induced product mix reallocations - induce productivity … changes within the firm. We then empirically test for this connection between the demand shocks and the productivity of multi …-product firms exporting to those destinations. We find that the effect of those demand shocks on productivity are substantial - and …

-adjusted total factor productivity series, which we take as a measure of exogenous productivity. In contrast to the predictions of … the model, positive productivity shocks are estimated to be more expansionary at the ZLB compared to normal times. However …, in line with the predictions of the basic model, positive productivity shocks have a stronger negative effect on …