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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/10012461369

Nonlinear Aspects of Goods-Market Arbitrage and Adjustment : Heckscher's Commodity Points Revisited

Obstfeld, Maurice - 1997

We propose that analysis of purchasing power parity (PPP) and the law of one price (LOOP) should explicitly take into …

Persistent link: https://www.econbiz.de/10012472761

Real Exchange Rate Levels, Productivity and Demand Shocks : Evidence from a Panel of 14 Countries

Chinn, Menzie - 1996

equilibrium exchange rates indicate less overvaluation of the dollar than that implied by a naive version of purchasing power …

Persistent link: https://www.econbiz.de/10012473129

Unit Roots, Postwar Slowdowns and Long-Run Growth : Evidence from Two Structural Breaks

Ben-David, Dan - 1998

This paper provides evidence on the unit root hypothesis and long-term growth by allowing for two structural breaks. We … allow for only one break. While about half of the countries exhibit slowdowns following their postwar breaks, the others … the slowdown countries, exhibit faster growth after their second breaks than during the decades preceding their first …

Persistent link: https://www.econbiz.de/10012472411

Recursive and Sequential Tests of the Unit Root and Trend Break Hypothesis : Theory and International Evidence

Banerjee, Anindya - 1990

This paper investigates the possibility, raised by Perron (1989, 1990a), that aggregate economic time series can be characterized as being stationary around broken trend lines. Unlike Perron, we treat the break date as unknown a priori. Asymptotic distributions are developed for recursive,...

Persistent link: https://www.econbiz.de/10012475507

Macroeconomic Consequences of Tariffs

Furceri, Davide - 2018

We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases lead, in the medium term, to economically and statistically significant declines...

Persistent link: https://www.econbiz.de/10012481049

Estimating Currency Misalignment Using the Penn Effect : It’s Not as Simple As It Looks

Cheung, Yin-Wong - 2016

We investigate the strength of the Penn effect in the most recent version of the Penn World Tables (PWTs). We find that …

Persistent link: https://www.econbiz.de/10012456140

Are the World’s Poorest Being Left Behind?

Ravallion, Martin - 2014

available surveys for the developing world over 1981-2011, the expected value of the floor is about half the $1.25 a day poverty …

Persistent link: https://www.econbiz.de/10012457875

The Real Exchange Rate in the Long Run : Balassa-Samuelson Effects Reconsidered

Bordo, Michael D. - 2014

Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample period. Although the traditional Balassa-Samuelson...

Persistent link: https://www.econbiz.de/10012458398

Mussa Redux and Conditional PPP

Bergin, Paul R. - 2012

Long half-lives of real exchange rates are often used as evidence against monetary sticky price models. In this study we show how exchange rate regimes alter the long-run dynamics and half-life of the real exchange rate, and we recast the classic defense of such models by Mussa (1986) from an...

Persistent link: https://www.econbiz.de/10012460316