Mičúch, Marek - In: Politická ekonomie 2009 (2009) 3, pp. 405-428
century. It presents theories which explain relation between price level, labor productivity and exchange rate. These theories … explain the process of how the long-run equilibrium exchange rate is being achieved. On the other hand it elaborates on short …-run exchange rate deviations. As the key factor which cause the deviations identified in the paper is presence of the prices of non …