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Productivity, Commodity Prices and the Real Exchange Rate: The Long-Run Behavior of the Canada-US Exchange Rate
Choudhri, Ehsan U.; Schembri, Lawrence L. - Rimini Centre for Economic Analysis (RCEA) - 2013
as the effect of each variable has become stronger and a positive trend is present since 1990. The effect of productivity …
Persistent link: https://www.econbiz.de/10010687028
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The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered
Bordo, Michael D.; Choudhri, Ehsan U.; Fazio, Giorgio; … - CESifo - 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/10010877817
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Manufacturing Restructuring and the Role of Real Exchange Rate Shocks
Ekholm, Karolina; Moxnes, Andreas; Ulltveit-Moe, … - C.E.P.R. Discussion Papers - 2008
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 …
Persistent link: https://www.econbiz.de/10005666743
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On Trade Balance and Exchange Rates: Further Evidence from China’s Bilateral Trade - La bilancia commerciale e i tassi di cambio: ulteriori evidenze dalle bilance commerciali bilat...
Mohammadi, Hassan; Yue, Kan - In: Economia Internazionale / International Economics 65 (2012) 4, pp. 581-604
We investigate long-run relations and short-run dynamics between China’s bilateral trade balance and real exchange rates with thirteen major trading partners over 1981-2008. Maximum likelihood tests of cointegration reveal no evidence of significant long-run relationship between the two...
Persistent link: https://www.econbiz.de/10010991454
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Euro- US Real Exchange Rate Dynamics: How Far Can We Push Equilibrium Models?
Dogan, Aydan - School of Economics, University of Kent - 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/10010939045
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Real Exchange Rates and Sectoral Productivity in the Eurozone
Berka, Martin; Devereux, Michael B.; Engel, Charles - Crawford School of Public Policy, Australian National … - 2014
We investigate the link between real exchange rates and sectoral total factor productivity measures for countries in … previous studies that have found little relationship between productivity levels and the real exchange rate among high …
Persistent link: https://www.econbiz.de/10010939113
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External rebalancing is not just an exporters' story: real exchange rates, the non-tradable sector and the euro
Ruscher, Eric; Wolff, Guntram B. - Directorate-General Economic and Financial Affairs, … - 2009
Global and European trade balances have seen strong divergences combined with strong movements in the exchange rate. Trade balances and real effective exchange rates are related. Using different measures of the real effective exchange rate, we show that this long-run link hinges on the relative...
Persistent link: https://www.econbiz.de/10008635820
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The Purchasing Power Parity Debate
Taylor, Alan M.; Taylor, Mark P - C.E.P.R. Discussion Papers - 2004
Originally propounded by the 16th-century scholars of the University of Salamanca, the concept of purchasing power parity (PPP) was revived in the interwar period in the context of the debate concerning the appropriate level at which to re-establish international exchange rate parities. Broadly...
Persistent link: https://www.econbiz.de/10005662378
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Trade and Payments in Eastern European Economic Reform
Arndt, Sven W. - Lowe Institute of Political Economy, Claremont McKenna … - 1999
What is the appropriate exchange rate regime for the emerging economies of Eastern Europe? Would a given regime suit all of them equally? Is there a regime that is as appropriate for the transition as for the long run? What are the relative merits of fixed and flexible rates in this context and...
Persistent link: https://www.econbiz.de/10005754974
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Revisiting the importance of non-tradable goods' prices in cyclical real exchange rate fluctuations
Bache, Ida Wolden; Næss, Kjersti; Sveen, Tommy - Norges Bank - 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 flctuations 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/10004990413