Égert, Balázs; Scott Leonard, Carol - 2021
far been spared the perverse effects of oil price increases from 1996 to 2005. The real exchange rate in the open sector … has ap-preciated over the last couple of years, largely due to the appreciation of the nominal exchange rate. We analyze … monetary model of the exchange rate and a variety of real exchange rate models show that the rise in the price of oil and in …