Parsley, David C.; Wei, Shang-Jin - Közgazdaság-tudományi Intézet, Közgazdaság- és … - 2003
The real exchange rate is said to be the single most important price in an economy. While we used to think that we knew what explained its movements (e.g., the Balassa-Samuelson effect), the recent much-cited result by Engel (1999) proposes a serious reinterpretation – i.e., nearly 100% of the...
