estimated with greater precision. The most empirically successful models include productivity measures, government spend- ing …

We investigate the long-run relationship between the real exchange rate, traded and non-traded productivity levels, and …

We investigate the long-run relationship between the real exchange rate, traded and nontraded productivity levels, and … find that in 1991 (the last year productivity data are available) there is less overvaluation of the U.S. dollar than that …

This study evaluates the individual roles of monetary and productivity shocks in real exchange rate fluctuations under … suggests that common-trend innovations are ascribed mostly to productivity shocks, whereas transitory innovations are governed … by monetary shocks. The allowance for productivity shocks, however, appears insufficient to fully explain the high …

in aggregate demand, unemployment rate, real wage and labour productivity, which captures key components of the labour … model to identify four structural innovations: aggregate demand, labour supply, wage bargaining, and productivity; (iii …) quantifies the dynamic responses of the labour share to each structural shock; (iv) compares these results across the two periods …

the international transmission of productivity improvements generate the observed degree of risk-sharing: one associated …