haku: @author Strauss, J. / yhteensä: 5
viite: 3 / 5
| Tekijä: | Strauss, J. |
| Otsikko: | Productivity differentials, the relative price of non-tradeables and real exchange rates |
| Lehti: | Journal of International Money and Finance
1999 : JUN, VOL. 18:3, p. 383-410 |
| Asiasana: | PRODUCTIVITY PRICING EXCHANGE RATES |
| Kieli: | eng |
| Tiivistelmä: | This paper reconciles the apparent contradiction between recent panel unit root tests of real exchange rates and the productivity differential model, proposing an alternative view that explains the coexistence of such findings. Real exchange rates and the relative price of non-tradables reflect the gradual adjustment of mean-reverting and endogenously competing factors: supply and demand shocks as well as traded goods arbitrage. |
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