Binder, Michael; Offermanns, Christian J. - Fachbereich Wirtschaftswissenschaft, Freie Universität … - 2014
We revisit medium- to long-run exchange rate determination, focusing on the role of international investment positions. To do so, we make use of a new econometric framework accounting for conditional long-run homogeneity in heterogeneous dynamic panel data models. In particular, in our model the...