-2001 period. We estimate cointegrating relationships between the real exchange rate, productivity, and the real price of oil using …This paper documents the evidence for a productivity based model of the dollar/euro real exchange rate over the 1985 … productivity differential results in a five percentage point real appreciation of the dollar. This finding is robust to the …

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 …