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来源类型Working Paper
规范类型报告
DOI10.3386/w5676
来源IDWorking Paper 5676
Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries
Matthew B. Canzoneri; Robert E. Cumby; Behzad Diba
发表日期1996-07-01
出版年1996
语种英语
摘要The Balassa-Samuelson model, which explains real exchange rate movements in terms of sectoral productivities, rests on two components. First, for a class of technologies including Cobb-Douglas, the model implies that the relative price of nontraded goods in each country should reflect the relative productivity of labor in the traded and nontraded goods sectors. Second, the model assumes that purchasing power parity holds for traded goods in the long-run. We test each of these implications using data from a panel of OECD countries. Our results suggest that the first of these two fits the data quite well. In the long run, relative prices generally reflect relative labor productivities. The evidence on purchasing power parity in traded goods is considerably less favorable. When we look at US dollar exchange rates, PPP does not appear to hold for traded goods, even in the long run. On the other hand, when we look at DM exchange rates purchasing power parity appears to be a somewhat better characterization of traded goods prices.
主题International Economics ; International Finance
URLhttps://www.nber.org/papers/w5676
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/563156
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Matthew B. Canzoneri,Robert E. Cumby,Behzad Diba. Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries. 1996.
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