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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. …
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I examine the effect of exogenous terms of trade shocks on an exchange rate by turning to New Zealand's dairy auctions. Dairy is New Zealand's largest export category, making up almost 20 percent of exports. Specifically, whole milk powder accounts for 6 to 11 percent of total exports, and its...
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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 …
Persistent link: https://www.econbiz.de/10003832627
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 …
Persistent link: https://www.econbiz.de/10003867086
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 …
Persistent link: https://www.econbiz.de/10014065244
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
country's real exchange rate to various shocks is derived in a simple model. It is shown that productivity shocks work not …
Persistent link: https://www.econbiz.de/10001686293