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The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered

Bordo, Michael D.; Choudhri, Ehsan U.; Fazio, Giorgio; … - 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/10010398573

What Determines Real Exchange Rates? The Nordic Countries

Bergvall, Anders - 2002

, relative productivity, the trade balance and terms of trade. Countries with higher productivity, trade deficits or improved …

Persistent link: https://www.econbiz.de/10010321757

Terms of trade, catch-up, and home market effect: the example of Japan

Urban, Dieter M. - 2007

interdependencies between the terms of trade and economic growth are offered: the home market effect and the productivity shock effect …

Persistent link: https://www.econbiz.de/10010264264

Euro- US Real Exchange Rate Dynamics: How Far Can We Push Equilibrium Models?

Dogan, Aydan - 2014

This paper re-assesses the problem of general equilibrium models in matching the behaviour of real exchange rate. We do so by developing a two country general equilibrium model with non-traded goods, home bias, incomplete markets and partial degrees of pass through as well as nominal rigidities...

Persistent link: https://www.econbiz.de/10010456962

A Re-examination of the Link between Real Exchange Rates and Real Interest Rate Differentials

Hoffmann, Mathias; MacDonald, Ronald - 2003

The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegrationbased methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...

Persistent link: https://www.econbiz.de/10010315754

Capital controls and the real exchange rate: Do controls promote disequilibria?

Montecino, Juan Antonio - 2015

The consensus view is that capital controls can effectively lengthen the maturity composition of capital inflows and increase the independence of monetary policy but are not generally effective at reducing net inflows and influencing the real exchange rate. This paper presents empirical evidence...

Persistent link: https://www.econbiz.de/10011526698

Revisiting the Importance of Non-Tradable Goods' Prices in Cyclical Real Exchange Rate Fluctuations

Bache, Ida Wolden; Næss, Kjersti; Sveen, Tommy - 2009

In an influential paper Engel (1999. Accounting for U.S. Real Exchange Rate Changes, Journal of Political Economy 107, 507-538) argues that essentially all the fluctuations in the real exchange rate can be attributed to fluctuations in the relative price of traded goods, and that only a small...

Persistent link: https://www.econbiz.de/10012143708

Bilateral equilibrium exchange rates of EU accession countries against the euro

Rahn, Jörg - 2003

We apply BEER and PEER approaches to calculate real equilibrium exchange rates for five EU accession countries in central and east Europe.Bilateral nominal equilibrium exchange rates against the euro are obtained through algebraic transformation of the results. Panel cointegration techniques are...

Persistent link: https://www.econbiz.de/10012148456

Pegxit Pressure: Evidence from the Classical Gold Standard

Mitchener, Kris James; Pina, Gonçalo - 2016

We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on...

Persistent link: https://www.econbiz.de/10011584911

Determinants of real exchange rate movements in 15 emerging market economies

Goda, Thomas; Priewe, Jan - 2019

Previous work has established that an appreciation of the real exchange rate (REER) contributes to premature deindustrialization, less productive investment and dependence on commodity booms and busts in emerging markets economies (EME). From the previous literature, it is less clear however...

Persistent link: https://www.econbiz.de/10012109599

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