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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/10010374513

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

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/10011506475

Euro-US real exchange rate dynamics : how far can we push general 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/10010416685

Sectoral price divergence between Korea and Japan

Moon, Seongman - In: East Asian economic review 20 (2016) 4, pp. 493-517

This paper examines the persistent properties of 12 sectoral relative prices between Korea and Japan obtained following the Classification of Individual Consumption according to Purpose (COICOP) over the period of 1985-2016. Applying a new econometric method developed by Pesaran which controls...

Persistent link: https://www.econbiz.de/10011765038

Inter-region relative price convergence in Korea

Moon, Seongman - In: East Asian economic review 21 (2017) 2, pp. 123-146

This paper examines the persistence of relative consumer price indices for 15 regions in Korea including 6 metropolitan cities and 9 provinces over the period of 1990-2016. In particular, we ask if relative regional price indices contain a common stochastic trend and find that they are not. We...

Persistent link: https://www.econbiz.de/10011765060

Pegxit pressure : evidence from the classical gold standard

Mitchener, Kris; 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/10011568741

The real exchange rate in the long run : Balassa-Samuelson effects reconsidered

Bordo, Michael D.; Choudhri, Ehsan U.; Fazio, Giorgio; … - In: Journal of international money and finance 75 (2017), pp. 69-92

Persistent link: https://www.econbiz.de/10011788025

Reconsidering the price-income relationship across countries

Fujii, Eiji - 2013 - This version: February 2013

positive price-income association is attributable, at least partly, to the Balassa-Samuelson productivity differential effect …

Persistent link: https://www.econbiz.de/10009707555

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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