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A Primer on Real Effective Exchange Rates : Determinants, Overvaluation, Trade Flows and Competitive Devaluation
Chinn, Menzie David - 2005
Several alternative measures of effective exchange rates are discussed in the context of their theoretical underpinnings and actual construction. Focusing on contemporary indices and recently developed econometric methods, the empirical characteristics of these differing series are examined,...
Persistent link: https://www.econbiz.de/10014062354
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Does trade openness influence the real effective exchange rate? : new evidence from panel time-series
Gantman, Ernesto R.; Dabós, Marcelo - In: SERIEs : Journal of the Spanish Economic Association 9 (2018) 1, pp. 91-113
exchange rate (REER), on the one hand, and trade openness, trade balance, the terms of trade, factor productivity, and exchange … depreciation of the REER. The other variables considered in the analysis-factor productivity, trade balance, terms of trade, and …
Persistent link: https://www.econbiz.de/10011865211
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The empirical determinants of the Euro : short and long run perspectives
Chinn, Menzie David - 2000
is provided by a productivity-based model of the real value of the euro. Some panel regression estimates of the … relationship between intercountry relative productivity differentials and real exchange rates is presented. Using these estimates … to conduct some calculations, one comes to the conclusion that unless drastic changes to productivity trends occur, there …
Persistent link: https://www.econbiz.de/10009583879
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The Empirical Determinants of the Euro : Short and Long Run Perspectives
Chinn, Menzie David - 2003
is provided by a productivity-based model of the real value of the euro. Some panel regression estimates of the … relationship between intercountry relative productivity differentials and real exchange rates is presented. Using these estimates … to conduct some calculations, one comes to the conclusion that unless drastic changes to productivity trends occur, there …
Persistent link: https://www.econbiz.de/10014148770
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Exchange rate risks and asset prices in a small open economy
Derviz, Alexis - 2004
The paper proposes a multi-factor international asset pricing model in which the exchange rate is allowed to be co-determined by a risk factor imperfectly correlated to other priced risks in the economy. The significance of this factor can be established as long as one is able to observe a proxy...
Persistent link: https://www.econbiz.de/10009636537
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Nominal convergence
Iancu, Aurel - 2009
After presenting the institutional construction during the pre-accession and post-accession to the Economic and Monetary Union (EMU), the exchange rate mechanisms (ERM) in several countries and the convergence criteria, we go on with a brief analysis of the way the CEE countries cope with the...
Persistent link: https://www.econbiz.de/10010529098
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Germany versus the United States : monetary Dominance in the Eurozone
Quah, Chee Heong - In: Economies : open access journal 4 (2016) 2, pp. 1-16
This study inspects if there is greater convergence with Germany amongst the Eurozone founding members and if their relations with the hegemonic economy have been more symmetrical after "euroization". The dimensions explored are those inspired by the optimum currency areas (OCA) framework. To...
Persistent link: https://www.econbiz.de/10011499412
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Exchange rate shocks and inflation comovement in the euro area
Leiva-Leon, Danilo; Martínez-Martín, Jaime; Ortega, Eva - 2020
This paper decomposes the time-varying effect of exogenous exchange rate shocks on euro area countries in ation into country-specific (idiosyncratic) and region-wide (common) components. To do so, we propose a exible empirical framework based on dynamic factor models subject to drifting...
Persistent link: https://www.econbiz.de/10012181317
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Exchange Rate Shocks and Inflation Comovement in the Euro Area
Leiva‐Leon, Danilo - 2020
This paper decomposes the time-varying effect of exogenous exchange rate shocks on euro area countries inflation into country-specific (idiosyncratic) and region-wide (common) components. To do so, we propose a flexible empirical framework based on dynamic factor models subject to drifting...
Persistent link: https://www.econbiz.de/10012838756
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Exchange Rates and Political Uncertainty : The Brexit Case
Manasse, Paolo - 2020
portfolio model of multiple currencies, we find that the cross-currencies restrictions implied by the theory are not rejected by …
Persistent link: https://www.econbiz.de/10012842376