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Labor Productivity and Real Exchange Rate; The Balassa-Samuelson Disconnect in the Former Yugoslav Republic of Macedonia

Loko, Boileau; Tuladhar, Anita - International Monetary Fund (IMF) - 2005

This paper seeks to investigate the transmission mechanisms linking productivity to the real exchange rate in the … former Yugoslav Republic of Macedonia. At first glance, the stylized facts-low labor productivity growth and a trend real …

Persistent link: https://www.econbiz.de/10005248176

Sustaining Fixed Exchange Rates; A Model with Debt and Institutions

Pitt, Alexander - International Monetary Fund (IMF) - 2001

Fixed exchange rate regimes have come into disrepute, as their defense has become all but impossible. Yet, while a determined attack on a currency cannot be prevented or, ultimately, withstood, policies can reduce the vulnerability of a country to such attacks. The paper develops an analytical...

Persistent link: https://www.econbiz.de/10005263659

Empirical Exchange Rate Models of the Nineties; Are Any Fit to Survive?

Cheung, Yin-Wong; Pascual, Antonio Garcia; Chinn, … - International Monetary Fund (IMF) - 2004

We reassess exchange rate prediction using a wider set of models that have been proposed in the last decade. The performance of these models is compared against two reference specifications-purchasing power parity and the sticky-price monetary model. The models are estimated in first-difference...

Persistent link: https://www.econbiz.de/10005263978

New Shocks, Exchange Rates and Equityprices

Cova, Pietro; Rebucci, Alessandro; Matsumoto, Akito; … - International Monetary Fund (IMF) - 2008

productivity and monetary policy. We identify a condition under which these asset prices become more volatile without affecting the … to productivity shocks. The model we set up does well at matching second moments of exchange rate and equity returns for …

Persistent link: https://www.econbiz.de/10005825757

Real Exchange Rates in Developing Countries; Are Balassa-Samuelson Effects Present?

Khan, Mohsin S.; Choudhri, Ehsan U. - International Monetary Fund (IMF) - 2004

developing countries. The paper finds that the traded-nontraded productivity differential is a significant determinant of the …

Persistent link: https://www.econbiz.de/10005826100

The Impact of Oil-Related Incomeon the Equilibrium Real Exchange Rate in Syria

Dridi, Jemma; Hasan, Maher - International Monetary Fund (IMF) - 2008

-related income, productivity and net foreign assets, but, at odds with the conventional wisdom, depreciates with higher government …

Persistent link: https://www.econbiz.de/10005826611

Real Exchange Rates in Growing Economies; How Strong is the Role of the Nontradables Sector?

Miyajima, Ken - International Monetary Fund (IMF) - 2005

This paper emphasizes the importance of total factor productivity (TFP) developments in the nontradables sector to …

Persistent link: https://www.econbiz.de/10005768939

Does Productivity Growth Lead to Appreciation of the Real Exchange Rate?

Lee, Jaewoo; Tang, Man-Keung - International Monetary Fund (IMF) - 2003

We revisit the time-honored link between productivity and the real exchange rate. Consistent with the traditional view …, we find that higher labor productivity tends to lead to appreciation of the real exchange rate. Contrary to the … traditional view, however, we find that the positive productivity effect is transmitted through the real exchange rate based on …

Persistent link: https://www.econbiz.de/10005769108

Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits

Laxton, Douglas; Muir, Dirk; Kumhof, Michael; Mursula, … - International Monetary Fund (IMF) - 2009

This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary...

Persistent link: https://www.econbiz.de/10008497609

The Valuation Channel of External Adjustment

Lee, Jaewoo; Ghironi, Fabio; Rebucci, Alessandro - International Monetary Fund (IMF) - 2009

International financial integration has greatly increased the scope for changes in a country's net foreign asset position through the valuation channel, namely capital gains and losses on external assets and liabilities. We examine this valuation channel in a dynamic equilibrium portfolio model...

Persistent link: https://www.econbiz.de/10008497614