This study evaluates the individual roles of monetary and productivity shocks in real exchange rate fluctuations under … suggests that common-trend innovations are ascribed mostly to productivity shocks, whereas transitory innovations are governed … by monetary shocks. The allowance for productivity shocks, however, appears insufficient to fully explain the high …

The paper explores the optimal monetary policy reaction to productivity shocks in an open economy. Whereas earlier …

The evidence for a productivity-based explanation for real exchange rate behavior of East Asian currencies is examined …. Using sectoral output and employment data, relative prices and relative productivity levels are calculated for China … rates and relative productivity ratios, one finds a relationship for Japan, Malaysia, the Philippines. Only when augmenting …

In this paper the evidence for a productivity-based explanation for real exchange rate behavior of East Asian … real exchange rates and relative productivity ratios, one finds a relationship for Japan, Malaysia, and the Philippines … panel regressions incorporating productivity variables, as well as other demand side factors, are less encouraging, except …

, we extend the concept of supply shocks beyond the productivity shock towards labor supply shocks. Our analysis …

The paper explores the optimal monetary policy reaction to productivity shocks in an open economy. Whereas earlier …