United States relative to Japan. High productivity growth in the traded sector of the Japanese economy results in a … continuous fall in the prices of traded goods relative to nontraded goods in Japan. In order to keep U.S. traded goods …

emerging and advanced economies. We assess the impact of appreciations, productivity booms and capital inflows surges using a … propensity-score matching approach to address causality issues. We show that appreciations associated with higher productivity …

, highlight instead the importance of total factor productivity surge induced by an undervaluation in increasing growth. …

emerging and advanced economies. We assess the impact of appreciations, productivity booms and capital flow surges using a … propensity-score matching approach to address causality issues. We show that appreciations associated with higher productivity …