@techreport{Egert2007Real,
abstract = {We find that productivity gains in tradables cause an appreciation of the real exchange rate via both tradable and nontradable prices in the CEE-5 and have no affect in the Baltic countries, while they lead to a depreciation of the real exchange rate of tradables in OECD economies that overcompensates the appreciation due to nontradable prices. Rising net foreign liabilities lead to a real appreciation in the Baltic countries instead of the expected depreciation found in OECD and CEE-5 countries. These differences are due to the different impact of the fundamentals on the real exchange rate depending on the time horizon studied.},
address = {M\"{u}nchen},
author = {Bal\'{a}zs \'{E}gert and Kirsten Lommatzsch and Amina Lahr\`{e}che-R\'{e}vil},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {C15; E31; F31; O11; P17; 330; real exchange rate; equilibrium exchange rate; productivity; tradables; Balassa- Samuelson effect; Kaufkraftparit\"{a}t; Kleines-offenes-Land; \"{U}bergangswirtschaft; Osteuropa; OECD-Staaten},
language = {eng},
number = {1928},
publisher = {CESifo},
title = {Real exchange rates in small open OECD and transition economies: comparing apples with oranges?},
type = {CESifo working paper},
url = {http://hdl.handle.net/10419/25973},
year = {2007}
}
