We propose a novel, multilaterally consistent productivity approach-based indicator to assess the international price competitiveness of 57 industrialized and emerging economies. It is designed to be a useful assessment tool for monetary policy authorities and, thereby, differs from previously...

Panel unit root tests of real exchange rates as opposed to univariate tests usually reject non-stationarity. These tests, however, could be biased if the real exchange rate contained MA roots. Indeed, two independent arguments claim that the real exchange rate, being a sum of a stationary and a...

Panel unit root tests of real exchange rates as opposed to univariate tests usually reject non-stationarity. These tests, however, could be biased if the real exchange rate contained MA roots. Indeed, two independent arguments claim that the real exchange rate, being a sum of a stationary and a...

Real exports are commonly specified as depending on an indicator of price competitiveness and on a measure of foreign activity. This study empirically investigates the suitability of alternative competitiveness indicators in explaining real exports for a broad group of advanced economies. To...