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 …

the effect of each variable has become stronger and a positive trend is present since 1990. The effect of productivity …

example, can make the effect of a traded-goods productivity improvement on the real exchange rate negative or positive, as … on the relationship between productivity and the real exchange rate. …

This paper addresses the role of markup variations in the transmission process of cross-sectoral productivity … frictionless goods markets predicts that a rise in the sectoral productivity ratio by 1% raises the relative price by 1% while … productivity by 1% raises the relative price of nontradables by only 0.70% and that an increase in government spending by 1% of GDP …

productivity and restructuring. Unlike previous studies we are able to account for the heterogeneity across firms in their exposure … by increasing productivity. The RER shock was associated with substantial within-firm productivity gains for net … exporters; gains that seem to have come about partly through technological improvements. The productivity gains also appear to …

factor productivity differentials, real interest rate differentials, and the real price of gold, representing real shocks …

This paper examines a productivity-based explanation of the long run real exchange rate movements of six Asian …

A large body of theoretical and empirical works asserts that exchange rates depend upon a country's productivity growth … vector; and (b) the real exchange rate is cointegrated with home and foreign sectoral TFP differentials. This productivity … of the equilibrium exchange rate predicted by the productivity-based model and the actual rate indicates that the …