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...

Credibility and the international monetary regime : theoretical and historical perspectives / Michael D. Bordo and Ronald MacDonald -- Credibility and fundamentals : were the classical and inter-war gold standards well-behaved target zones? / Paul Hallwood, Ronald MacDonald, and Ian Marsh --...