This paper analyzes the welfare implications of international spillovers related to productivity gains, changes in …-equilibrium model with monopolistic competition, drawing a distinction between productivity gains from manufacturing efficiency and …

example, can make the effect of a traded-goods productivity improvement on the real exchange rate negative or positive, as … on the relationship between productivity and the real exchange rate. …

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 …

prices as a result of decreased trade costs. A decrease in trade costs enables lower-productivity firms to begin exporting … that low-productivity firms have more volatile markups …

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

recommendations to reduce the trade imbalances through productivity-enhancing reforms in advanced economies are likely to yield only …

recommendations to reduce the trade imbalances through productivity-enhancing reforms in advanced economies are likely to yield only …