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PPP and the Balassa Samuelson Effect; The Role of the Distribution Sector
MacDonald, Ronald; Ricci, Luca Antonio - International Monetary Fund (IMF) - 2001
This paper investigates the impact of the distribution sector on the real exchange rate, controlling for the Balassa-Samuelson effect, as well as other macro variables. Long-run coefficients are estimated using a panel dynamic OLS estimator. The main result is that an increase in the...
Persistent link: https://www.econbiz.de/10005605202
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The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered
Bordo, Michael D.; Choudhri, Ehsan U.; Fazio, Giorgio; … - CESifo - 2014
the results in terms of contemporary variants of the model that incorporate the terms of trade mechanism. Specifically we … argue that changes in trade costs over time may affect the impact of productivity on the real exchange rate over time. We … with the behavior of trade costs can explain the cross-regime variation of the productivity effect. …
Persistent link: https://www.econbiz.de/10010877817
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A Re-examination of the Link between Real Exchange Rates and Real Interest Rate Differentials
Hoffmann, Mathias; MacDonald, Ronald - 2003
The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegrationbased methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...
Persistent link: https://www.econbiz.de/10010315754
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A Re-examination of the Link between Real Exchange Rates and Real Interest Rate Differentials
Hoffmann, Mathias; MacDonald, Ronald - CESifo - 2003
The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegrationbased methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...
Persistent link: https://www.econbiz.de/10005765984
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The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered
Bordo, Michael D.; Choudhri, Ehsan U.; Fazio, Giorgio; … - 2014
the results in terms of contemporary variants of the model that incorporate the terms of trade mechanism. Specifically we … argue that changes in trade costs over time may affect the impact of productivity on the real exchange rate over time. We … with the behavior of trade costs can explain the cross-regime variation of the productivity effect. …
Persistent link: https://www.econbiz.de/10010398573
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A re-examination of the link between real exchange rates and real interest rate differentials
Hoffmann, Mathias; MacDonald, Ronald - 2003
The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegrationbased methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...
Persistent link: https://www.econbiz.de/10011506475
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The real exchange rate in the long run : Balassa-Samuelson effects reconsidered
Bordo, Michael D.; Choudhri, Ehsan U.; Fazio, Giorgio; … - 2014
the results in terms of contemporary variants of the model that incorporate the terms of trade mechanism. Specifically we … argue that changes in trade costs over time may affect the impact of productivity on the real exchange rate over time. We … with the behavior of trade costs can explain the cross-regime variation of the productivity effect. …
Persistent link: https://www.econbiz.de/10010374513
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Filtering the Beer; A Permanent and Transitory Decomposition
Clark, Peter B.; MacDonald, Ronald - International Monetary Fund (IMF) - 2000
In this paper we extend the BEER (Behavioral Equilibrium Exchange Rate) approach which identifies an estimated equilibrium relationship between the real exchange rate and economic fundamentals. Here the economic fundamentals are decomposed using Johansen cointegration methods into transitory and...
Persistent link: https://www.econbiz.de/10005769018
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Estimation of the Equilibrium Real Exchange Rate for South Africa
MacDonald, Ronald; Ricci, Luca Antonio - International Monetary Fund (IMF) - 2003
partners), real commodity prices, trade openness, the fiscal balance, and the extent of net foreign assets. On the basis of …
Persistent link: https://www.econbiz.de/10005769327
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Purchasing Power Parity and New Trade Theory
Ricci, Luca Antonio; MacDonald, Ronald - International Monetary Fund (IMF) - 2002
This paper theoretically derives and empirically tests the implications of a new trade theory framework for the …
Persistent link: https://www.econbiz.de/10005605250