The international competitiveness of German industry, so greatly dependent on exports, is in large measure determined both by fluctuations in the rate of exchange and by the level of its labour costs in relation to those of its competitors in the world market. Recent trends in these two factors...

This paper uses fractional integration and cointegration in order to model the DM/dollar and the yen/dollar real exchange rates in terms of both monetary and real factors, more specifically real interest rate and labour productivity differentials. We find that whilst the individual series may be...

This paper provides new Bank of Italy indicators of price competitiveness for 62 countries. We refreshed the approach adopted by the Bank in the 1990s but later discontinued in 2005 due to the cumbersome statistical requirements in order to accommodate the significant extension of the original...

This paper develops a dependence-switching copula model to examine dependence and tail dependence for four different market statuses, namely, rising-stocks/appreciating-currency, falling-stocks/depreciating-currency, rising-stocks/depreciating-currency, and falling-stocks/appreciating-currency....