Égert, Balázs; Lommatzsch, Kirsten; Lahrèche-Révil, … - William Davidson Institute, University of Michigan - 2007
We find that productivity gains in tradables cause an appreciation of the real exchange rate via both tradable and … countries. These differences are due to the different impact of the fundamentals on the real exchange rate depending on the time … nontradable prices in the CEE-5 and have no affect in the Baltic countries, while they lead to a depreciation of the real exchange …