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 reappraise the relationship between productivity and equilibrium real exchange rates using a panel estimation … role of non-traded, as well as traded, sector productivity shocks in exchange rate determination. We find evidence of … significant correlation between real exchange rates and productivity differentials in both sectors. But our finding of a …

persistence typically proceed along two distinct paths, resorting either to the presence of real shocks such as productivity … rates. -- EPSTAR ; exchange rate ; PPP ; Balassa-Samuelson ; productivity …

productivity gains on both the Balassa-Samuelson effect and the behaviour of the tradable real exchange rate is especially assessed … predicted by theory. Comparing in-sample and out-of-sample estimates (in terms of the country coverage) of equilibrium exchange …

country's real exchange rate to various shocks is derived in a simple model. It is shown that productivity shocks work not …