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Equilibrium Exchange Rates in Transition Economies
Halpern, Lionel - 1996
A stylized fact of the transition process is an early profound exchange rate depreciation followed by continuing real appreciation. Absent historical reference points, it is difficult to judge whether the real appreciation is threatening competitiveness. This paper interprets the stylized facts...
Persistent link: https://www.econbiz.de/10014398011
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Interpreting Real Exchange Rate Movements in Transition Countries
International Monetary Fund - 2001
Several transition countries have experienced strong real exchange rate appreciations. This paper tests the hypothesis that these appreciations reflect underlying productivity gains in the tradable sector. Using panel data over the period 1993-98, the results show clear evidence of...
Persistent link: https://www.econbiz.de/10014403602
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External Shocks, the Real Exchange Rate, and Tax Policy
Tokarick, Stephen - 1994
This paper uses a computable general equilibrium model of the economy of Trinidad and Tobago to assess the effects of trade liberalization and terms-of-trade shocks on the real exchange rate and the overall fiscal position of the government. The model is also used to evaluate the implications of...
Persistent link: https://www.econbiz.de/10014398103
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Current Account and Real Exchange Rate Dynamics in the G-7 Countries
Chinn, Menzie David - 2002
The canonical predictions of intertemporal open-economy macro models are tested by a structural VAR analysis of Group of Seven countries. The analysis is distinguished from the previous literature in that it adopts minimal assumptions for identification. Consistent with a large set of...
Persistent link: https://www.econbiz.de/10014399571
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The U.S. Dollar and the Trade Deficit : What Accounts for the Late 1990's?
Hunt, Ben - 2003
between the United States and the rest of the world, this paper asks to what extent an asymmetric productivity shock in the … second half of the 1990s. The paper concludes that the Balassa-Samuelson effect of such a productivity shock is only part of … the story. A second shock, a broadly defined “risk premium” shock, and some uncertainty about the persistence of both …
Persistent link: https://www.econbiz.de/10014399692
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Real Exchange Rate Levels, Productivity and Demand Shocks : Evidence From a Panel of 14 Countries
Johnston, Louis Dorrance - 1997
We investigate the long-run relationship between the real exchange rate, traded and nontraded productivity levels, and government spending for 14 OECD countries, using recently developed panel cointegration tests. The results indicate that under certain assumptions it is easier to detect...
Persistent link: https://www.econbiz.de/10014401799
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China : Sources of Real Exchange Rate Fluctuations
Wang, Tao - 2004
This paper reviews the evolution of China''s real effective exchange rate between 1980 and 2002, and uses a structural vector autoregression model to study the relative importance of different types of macroeconomic shocks for fluctuations in the real exchange rate. The structural decomposition...
Persistent link: https://www.econbiz.de/10014404124
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External Shocks and Inflation in Developing Countries Under a Real Exchange Rate Rule
Ostry, Jonathan David - 1992
This paper shows that the response of inflation to external shocks is very different when the authorities target the real exchange rate than when they follow a fixed exchange rate or a preannounced crawling peg. Specifically, shocks that would have no effect on the steady-state inflation rate...
Persistent link: https://www.econbiz.de/10014396522
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How Symmetric Are the Shocks and the Shock Adjustment Dynamics Between the Euro Area and Central and Eastern European Countries (CEEC)?
Frenkel, Michael - 2002
euro area countries and central and eastern European countries (CEECs). The shocks and the shock adjustment dynamics of … the CEECs. However, several individual CEECs exhibit shocks and shock adjustment processes that are fairly similar to some …
Persistent link: https://www.econbiz.de/10014401455
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Fiscal policy and the real exchange rate
Chatterjee, Santanu; Mursagulov, Azer - 2012
Government spending on infrastructure has recently increased sharply in many emerging-market economies. This paper examines the mechanism through which public infrastructure spending affects the dynamics of the real exchange rate. Using a two-sector dependent open economy model with...
Persistent link: https://www.econbiz.de/10009572527