全球智库信息集成服务系统(G2TT): The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w20228
来源ID	Working Paper 20228
	The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered
	Michael D. Bordo; Ehsan U. Choudhri; Giorgio Fazio; Ronald MacDonald
发表日期	2014-06-27
出版年	2014
语种	英语
摘要	Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample period. Although the traditional Balassa-Samuelson model is not consistent with these results, we suggest an explanation of 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 undertake simulations of the modern versions of the Balassa-Samuelson model to show that plausible parameter shifts consistent with the behavior of trade costs can explain the cross-regime variation of the productivity effect.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w20228
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/577941
推荐引用方式 GB/T 7714	Michael D. Bordo,Ehsan U. Choudhri,Giorgio Fazio,et al. The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered. 2014.