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Large Devaluations and the Real Exchange Rate
Burstein, Ariel T.; Eichenbaum, Martin; Rebelo, Sergio T. - 2021
large devaluation episodes: Argentina (2001), Brazil (1999), Korea (1997), Mexico (1994), and Thailand (1997). We conduct a … detailed analysis of the Argentina case using disaggregated CPI data, data from our own survey of prices in Buenos Aires, and …
Persistent link: https://www.econbiz.de/10013220091
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Distribution Costs and Real Exchange Rate Dynamics During Exchange-Rate-Based-Stabilizations
Burstein, Ariel T.; Neves, Joao C.; Rebelo, Sergio T. - 2021
exchange-rate-based-stabilizations. We use data for the U.S. and Argentina to document the importance of distribution margins … in retail prices and disaggregated price data to study price dynamics in the aftermath of Argentina's 1991 Convertibility …
Persistent link: https://www.econbiz.de/10013221936
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Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability : Argentina'S Lessons
Calvo, Guillermo A.; Izquierdo, Alejandro; Talvi, Ernesto - 2021
We offer an alternative explanation for the fall of Argentina's Convertibility Program based on the country … prices is larger the more closed an economy is in terms of its supply of tradable goods. By contrasting Argentina … of 1998, we identify key vulnerability indicators that separated Argentina from its piers. We also provide an explanation …
Persistent link: https://www.econbiz.de/10013228964
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The Real Exchange Rate and Foreign Direct Investment in the United States : Relative Wealth vs. Relative Wage Effects
Klein, Michael W. - 2010
There has been a significant correlation between United States inward foreign direct investment and the United States real exchange rate since the 1970s. Two alternative reasons for this relationship are that the real exchange rate affects the relative cost of labor and that the real exchange...
Persistent link: https://www.econbiz.de/10013134977
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Long-Run PPP May Not Hold after All
Engel, Charles M. - 2010
Recent tests using long data series find evidence in favor of long-run PPP (by rejecting either the null hypothesis of unit roots in real exchange rates or the null of no cointegration between nominal exchange rates and relative prices.) These tests may have reached the wrong conclusion. Monte...
Persistent link: https://www.econbiz.de/10013135309
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Exchange Rates and Local Labor Markets
Goldberg, Linda S. - 2010
We document the consequences of real exchange rate movements for the employment, hours, and hourly earnings of workers in manufacturing industries across individual states. Exchange rates have statistically significant wage and employment implications in these local labor markets. The importance...
Persistent link: https://www.econbiz.de/10013137198
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The Real Exchange Rate and Fiscal Policy During the Gold Standard Periodevidence from the United States and Great Britain
Kaminsky, Graciela - 2010
We study the determinants of the dollar/pound real exchange rate from 1879 to 1914 focusing on the role of fiscal policy. We present a simple dynamic model of the real exchange rate to frame our analysis. The econometric results are based upon the decomposition of the sources of the innovation...
Persistent link: https://www.econbiz.de/10013138854
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Ownership Characteristics, Real Exchange Rate Movements and Labor Market Adjustment in China
Mao, Risheng - 2011
This paper uses a firm level multi-industry data set covering 456 Chinese manufacturing sectors to assess the implications of Renminbi (RMB) real exchange rate appreciation for adjustments in employment and wage rates. We stress differences in both industry and firm characteristics within...
Persistent link: https://www.econbiz.de/10013118843
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Consumption Risk-Sharing and the Real Exchange Rate : Why Does the Nominal Exchange Rate Make Such a Difference?
Devereux, Michael B. - 2011
A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions should be positively related to real exchange rate growth rates across the same areas. We investigate this hypothesis, employing a newly constructed multi-country and multi-regional...
Persistent link: https://www.econbiz.de/10013121595
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The Real Exchange Rate, Real Interest Rates, and the Risk Premium
Engel, Charles M. - 2011
The well-known uncovered interest parity puzzle arises from the empirical regularity that, among developed country pairs, the high interest rate country tends to have high expected returns on its short term assets. At the same time, another strand of the literature has documented that high real...
Persistent link: https://www.econbiz.de/10013123979