The Real Exchange Rate And Prices Of Traded Goods In Oecd Countries

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The Real Exchange Rate And Prices Of Traded Goods In Oecd Countries

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Author : Holger Brauer
language : en
Publisher: Springer Science & Business Media
Release Date : 2003

The Real Exchange Rate And Prices Of Traded Goods In Oecd Countries written by Holger Brauer and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Foreign exchange rates categories.

Terms Of Trade Productivity And The Real Exchange Rate

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Author : Jose De Gregorio
language : en
Publisher:
Release Date : 1994

Terms Of Trade Productivity And The Real Exchange Rate written by Jose De Gregorio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Foreign exchange rates categories.

The paper examines the effects of terms of trade movements and productivity differentials across sectors on the behavior of the real exchange rate. We develop a simple model of a small open economy producing exportable and nontradable goods and consuming importable and nontradable goods and present empirical evidence for a sample of fourteen OECD countries. The evidence broadly supports the predictions of the model, namely that faster productivity growth in the tradable relative to the nontradable sector and an improvement in the terms of trade induce a real appreciation.

Relative Labour Productivity And The Real Exchange Rate In The Long Run

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Author : Matthew B. Canzoneri
language : en
Publisher:
Release Date : 1996

Relative Labour Productivity And The Real Exchange Rate In The Long Run written by Matthew B. Canzoneri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Foreign exchange categories.

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.

Accounting For U S Real Exchange Rate Changes

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Author : Charles Engel
language : en
Publisher:
Release Date : 1995

Accounting For U S Real Exchange Rate Changes written by Charles Engel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Consumer goods categories.

This study measures the proportion of U.S. real exchange rate movements that can be accounted for by movements in the relative prices of non-traded goods. The decomposition is done at all possible horizons that the data allow -- from one month up to thirty years. The accounting is performed with five different measures of non-traded goods prices and real exchange rates, for exchange rates of the U.S. relative to a number of other high income countries in each case. The outcome is surprising -- relative prices of non-traded goods appear to account for essentially none of the movement of U.S. real exchange rates at any horizon. Only for one crude measure, which uses the aggregate producer price index as an index of traded goods prices, do non-traded goods prices seem to account for more than a tiny portion of real exchange rate changes. This pattern appears to be true even during fixed nominal exchange rate episodes. Special attention is paid to the U.S. real exchange rate with Japan. The possibility of mismeasurement of traded goods prices is explored.

Trade Costs Market Integration And Macroeconomic Volatility

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Author : Mr.Kanda Naknoi
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-01

Trade Costs Market Integration And Macroeconomic Volatility written by Mr.Kanda Naknoi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-01 with Business & Economics categories.

This paper examines the effects of trade costs on macroeconomic volatility. We first construct a dynamic, two-country general equilibrium model, where the degree of market integration depends directly on trade costs (transport costs, tariffs, etc.). The model is a extension of Obstfeld and Rogoff (1995). Naturally, a reduction in trade costs leads to more market integration, as the relative price of foreign goods falls and households increase their consumption of imported goods. In addition, with more market integration, the model predicts that the variability of the real exchange rate should fall, while the variability of the trade balance should increase. Trade costs have ambiguous effects on the volatility of other macro variables, such as income and consumption. Finally, we present some empirical findings that provide mixed support for the model's predictions.

Exchange Rate Policy In Advanced Commodity Exporting Countries

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Author : A. Blundell-Wignall
language : en
Publisher:
Release Date : 1990

Exchange Rate Policy In Advanced Commodity Exporting Countries written by A. Blundell-Wignall and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Foreign exchange categories.

A Model Of Trade And Exchange Rate Projections

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Author : Hannu Halttunen
language : en
Publisher:
Release Date : 1979

A Model Of Trade And Exchange Rate Projections written by Hannu Halttunen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Commerce categories.

This paper develops and applies a model of world trade and exchange rates to analyze dynamic interaction of the current account and exchange rate. The model is designed to concentrate on the determination of trade flows, prices and exchange rates for the OECD member countries but it also covers oil exporting countries, other developing countries and Centrally Planned Economies. The model contains exchange rate equations, based on the asset market approach, for major OECI) countries and adjustable pegging rules for small OECD countries and for non-oil LDOs. These provide the link from asset accumulation through the current account to the exchange rate. With the integration of exchange rate equations into the trade model, it can be used to analyze outcomes of different exchange rate regimes and alternative growth prospects in the OECD area. Simulation results indicate that the model produces a smooth and slow adjustment process for exchange rates and current accounts. They also show that with the higher growth target for an individual country large current account deficits may occur or large changes in real exchange rates are needed to reach the external equilibrium.

Exchange Rates And Trade

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Author : Mr.Daniel Leigh
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-17

Exchange Rates And Trade written by Mr.Daniel Leigh and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-17 with Business & Economics categories.

We examine the stability and strength of the relationship between exchange rates and trade over time using three alternative approaches, mitigating the endogeneity of the relation. We find that both exchange rate pass-through and the price elasticity of trade volumes are largely stable over time. Economic slack and financial conditions affect the relationship, but there is limited evidence that participation in global value chains has significantly changed the exchange rate–trade relationship over time.

Real Exchange Rates And Fundamentals

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Author : Luca Antonio Ricci
language : en
Publisher: International Monetary Fund
Release Date : 2008

Real Exchange Rates And Fundamentals written by Luca Antonio Ricci and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.

This paper employs newly constructed measures for productivity differentials, external imbalances, and commodity terms of trade to estimate a panel cointegrating relationship between real exchange rates and a set of fundamentals for a sample of 48 industrial countries and emerging markets. It finds evidence of a strong positive relation between the CPI-based real exchange rate and commodity terms of trade. The estimated impact of productivity growth differentials between traded and nontraded goods, while statistically significant, is small. Increases in net foreign assets and in government consumption tend to be associated with appreciating real exchange rates.

Real Exchange Rates And The Prices Of Nontradable Goods

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Author : Mr.Gian Milesi-Ferretti
language : en
Publisher: International Monetary Fund
Release Date : 1994-02-01

Real Exchange Rates And The Prices Of Nontradable Goods written by Mr.Gian Milesi-Ferretti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-02-01 with Business & Economics categories.

This paper attempts to provide a perspective on real exchange rate developments following the inception of the EMS. The focus is on structural determinants of real exchange rates, notably the behavior of tradables and nontradable prices and productivity. It is found that changes in the relative price of tradable goods in terms of nontradables account for a sizable fraction of real exchange rate dynamics during the EMS period. Sectoral productivity growth differential help explain the behavior of the relative price of tradable goods, especially in the long run. There is also some evidence that the EMS has extended on relative price behavior.