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Structural Change in OECD Comparative Advantage

Brakman, Steven - 2010

In the post-war period, the goods composition of trade in OECD countries has changed considerably. We analyze the evolution of comparative advantage using a detailed trade data set and a new analytical tool: the harmonic (weighted) mass index, which enables us to identify periods of structural...

Persistent link: https://www.econbiz.de/10013143974

The Impact of Market Regulations on Intra-European Real Exchange Rates

Bénassy-Quéré, Agnès - 2013

We study the contribution of market regulations in the dynamics of the real exchange rate within the European Union. Based on a model proposed by De Gregorio et al. (1994a), we show that both product market regulations in nontradable sectors and employment protection tend to inflate the real...

Persistent link: https://www.econbiz.de/10013087275

The Real Exchange Rate in the Long Run : Balassa-Samuelson Effects Reconsidered

Bordo, Michael D. - 2014

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 period. Although the traditional Balassa-Samuelson...

Persistent link: https://www.econbiz.de/10013050476

Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe

Belke, Ansgar Hubertus; Schnabl, Gunther; Zemanek, Holger - 2021

The paper scrutinizes the role of wages and capital flows for competitiveness in the new EU member states in the context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets. The augmented Balassa-Samuelson model is linked to the...

Persistent link: https://www.econbiz.de/10013316298

Beyond Balassa and Samuelson : Real Convergence, Capital Flows, and Competitiveness in Greece

Belke, Ansgar Hubertus - 2015

We scrutinize the role of capital flows for competitiveness in seven euro-area countries in the context of real convergence and crisis with a specific focus on Greece. The paper extends the seminal Balassa-Samuelson model to include international capital markets. Capital flows are assumed to be...

Persistent link: https://www.econbiz.de/10013012270

Terms of Trade, Catch-Up, and Home Market Effect : The Example of Japan

Urban, Dieter M. - 2021

interdependencies between the terms of trade and economic growth are offered: the home market effect and the productivity shock effect …

Persistent link: https://www.econbiz.de/10013316647

Fiscal Shocks and Real Exchange Rate Dynamics : Some Evidence for Latin America

Caporale, Guglielmo Maria; Ciferri, Davide; Girardi, … - 2021

This paper analyses the effects of fiscal shocks using a two-country macroeconomic model for output, labour input, government spending and relative prices which provides the orthogonality restrictions for obtaining the structural shocks. Dynamic simulation techniques are then applied, in...

Persistent link: https://www.econbiz.de/10013316574

Sources of Real Exchange Rate Fluctuations in Central and Eastern Europe - Temporary Or Permanent?

Stazka-Gawrysiak, Agnieszka - 2021

of nominal exchange rates as shock absorbing instruments - were not the decisive factor behind these countries' decisions …

Persistent link: https://www.econbiz.de/10013317271

Dissecting the PPP Puzzle : The Unconventional Roles of Nominal Exchange Rate and Price Adjustments

Cheung, Yin-Wong; Lai, Kon S.; Bergman, Michael U. - 2021

The conventional view, as expounded by sticky-price models, is that price adjustment determines the PPP reversion rate. This study examines the mechanism by which PPP deviations are corrected. Nominal exchange rate adjustment, not price adjustment, is shown to be the key engine governing the...

Persistent link: https://www.econbiz.de/10013319983

Catching-Up, Inflation Differentials and Credit Booms in a Heterogeneous Monetary Union : Some Implications for Emu and New EU Member States

MacDonald, Ronald - 2013

inflation rates between Member States do not necessarily have to be an equilibrium phenomenon, even if the original shock comes …In this paper we propose an alternative explanation for the nature, sources and consequences of inflation rate … catching-up and inflation differentials and offer an interpretation of the nature of this interaction. Our discussion is in …

Persistent link: https://www.econbiz.de/10012754168