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Trade, productivity, income, and profit: the comparative advantage of structural axiomatic analysis
Kakarot-Handtke, Egmont - Volkswirtschaftliche Fakultät, … - 2011
The classical case of comparative advantage is put into a new formal framework, that is, the behavioral axioms of standard economics are replaced by a set of structural axioms. This enables a comprehensive analysis that takes the effects on income and profit explicitly into account. The axioms...
Persistent link: https://www.econbiz.de/10011108888
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The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered
Bordo, Michael D.; Choudhri, Ehsan U.; Fazio, Giorgio; … - CESifo - 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 … argue that changes in trade costs over time may affect the impact of productivity on the real exchange rate over time. We …
Persistent link: https://www.econbiz.de/10010877817
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The Balassa-Samuelson Effect Reversed: New Evidence from OECD Countries
Gubler, Matthias; Sax, Christoph - Wirtschaftswissenschaftliches Zentrum, Universität Basel - 2011
1970 to 2008 and compare three different datasets on sectoral productivity, including a newly constructed database on total … factor productivity. Overall, our DOLS estimation results do not support the BS hypothesis. For the last two decades, we find … a very robust negative relationship between the productivity in the tradable sector and the equilibrium real exchange …
Persistent link: https://www.econbiz.de/10009397219
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Modelling the US$/A$ Exchange Rate Using Cointegration Techniques
Karfakis, Costas; Phipps, Anthony - In: European Research Studies Journal I (1998) 1, pp. 91-108
Recent evidence indicates that Australia's real effective exchange rate, its terms of trade and a long-term real interest rate differential form a cointegrating relationship. This paper uses this evidence to analyse the nominal US$/A$ exchange rate. The US$/A$ rate is found to be cointegrated...
Persistent link: https://www.econbiz.de/10008512797
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The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates
Lane, Philip R.; Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2000
The relationship between international payments and the real exchange rate - the ‘transfer problem’ - is one of the classic questions in international economics. In this paper we use cross-country data on real exchange rates and a newly constructed data set on countries’ net external...
Persistent link: https://www.econbiz.de/10005067388
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Home bias, distribution services and determinants of real exchange rates
Chaban, Maxym - In: Journal of Macroeconomics 33 (2011) 4, pp. 793-806
This paper examines empirically how exogenous changes in the terms of trade affect the real exchange rate through the relative price of traded goods with Canada–US data. The relative price of traded goods is constructed using prices at the dock and retail prices. The first measure emphasizes...
Persistent link: https://www.econbiz.de/10010577864
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Fundamentals at Odds? The US Current Account Deficit and The Dollar
Milesi-Ferretti, Gian Maria - C.E.P.R. Discussion Papers - 2008
In mid-2008, the real effective exchange rate of the dollar was close to its minimum level for the past 4 decades. At the same time, however, the U.S. trade and current account deficits remain large and, absent a significant correction in coming years, would contribute to a further accumulation...
Persistent link: https://www.econbiz.de/10005662389
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International Business Cycles: The Quantitative Role of Transportation Costs
Mazzenga, Elisabetta; Ravn, Morten O - C.E.P.R. Discussion Papers - 2002
We evaluate the quantitative effects of introducing costs of transporation into an international trade model. We model these costs through the introduction of international transportation services sector. Costs of transportation have substantial long-run effects on welfare and may impact on the...
Persistent link: https://www.econbiz.de/10005661803
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The empirical determinants of the Euro: Short and long run perspectives
Chinn, Menzie David - Sonderforschungsbereich 373, Quantifikation und … - 2000
is provided by a productivity-based model of the real value of the euro. Some panel regression estimates of the … relationship between intercountry relative productivity differentials and real exchange rates is presented. Using these estimates … to conduct some calculations, one comes to the conclusion that unless drastic changes to productivity trends occur, there …
Persistent link: https://www.econbiz.de/10010956396
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The Current Account and the Real Exchange Rate: A Structural VAR Analysis of Major Currencies
Lee, J.; Chinn, M.D. - California Irvine - School of Social Sciences - 1998
A sticky-price model is used to motivate a structural VAR analysis of the current account and the real exchange rate for seven major industrialized countries (the US, Canada, the UK, Japan, Germany, France, and Italy). The analysis is distinguished from previous work in that it adopts minimal...
Persistent link: https://www.econbiz.de/10005641212