Égert, Balázs; Halpern, László; MacDonald, Ronald - William Davidson Institute, University of Michigan - 2005
factors other than the usual Balassa-Samuelson effect, such as the behaviour of the real exchange rate of the open sector and … regulated prices. We then consider three main sources of uncertainty relating to the implementation of an equilibrium exchange … rate model, namely: differences in the theoretical underpinnings; differences in the econometric estimation techniques; and …