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 …

between the exchange rate and prices in Mexico and the US (its main commercial partner), there are other forces affecting the … former. The main factor in this relentless long-term depreciation is the loss of productivity in Mexico relative to the US …

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 …

) and the changing relative price of non-tradables, relating the latter variable to cross-sectoral productivity … productivity and the share of government in GDP, but also the terms of trade are significant determinants of the real exchange rate …

, highlight instead the importance of total factor productivity surge induced by an undervaluation in increasing growth. …

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

construct new quarterly series of total factor productivity for Sweden and Japan. We find that these series and the real … productivity shocks of Japan and Sweden, respectively, and it is shown that the transitory shock can be interpreted as being of … the movements in the real exchange rate (7.2 percent after two quarters at most) which implies that productivity shocks …

across countries and sectors. On the other hand, opening to trade boosts individual firms' productivity growth, via a number … of channels, and also enhances allocative efficiency across firms, in turn increasing aggregate productivity growth. One …