to the stock-flow approach and augmenting the monetary model with share prices and the country risk premium improves … commodity prices do not help explain the large depreciations. While these models do a reasonably good job in-sample, their out …

We find that productivity gains in tradables cause an appreciation of the real exchange rate via both tradable and … nontradable prices in the CEE-5 and have no affect in the Baltic countries, while they lead to a depreciation of the real exchange … rate of tradables in OECD economies that overcompensates the appreciation due to nontradable prices. Rising net foreign …

MacDonald (1998) in that the Czech real exchange rate vis-à-vis the euro is regressed on the dual productivity differential and …

(1998), in that the Czech real exchange rate vis-a`-vis the euro is regressed on the dual productivity differential; and the …

We find that productivity gains in tradables cause an appreciation of the real exchange rate via both tradable and … nontradable prices in the CEE-5 and have no affect in the Baltic countries, while they lead to a depreciation of the real exchange … rate of tradables in OECD economies that overcompensates the appreciation due to nontradable prices. Rising net foreign …

MacDonald (1998) in that the Czech real exchange rate vis-à-vis the euro is regressed on the dual productivity differential and …

productivity gains on both the Balassa-Samuelson effect and the behaviour of the tradable real exchange rate is especially assessed …

tradable prices in the acceding countries. Our model can be considered as a competing but also completing framework to the …