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 …

We investigate the long-run relationship between the real exchange rate, traded and nontraded productivity levels, and … find that in 1991 (the last year productivity data are available) there is less overvaluation of the U.S. dollar than that …

and productivity differentials, indicating that the relative PPP and Balassa-Samuelson effect are common inputs into …

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 …

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 productivity-driven exchange rate movements in the central and eastern European … expect to experience further productivity-driven real exchange rate appreciations. Evidence from a large cross-section of non …

This paper examines the impact of productivity shocks on real exchange rate fluctuations in a dynamic international … statistically significant relationship exists between bilateral real exchange rates and international productivity differentials in …

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 …