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dc.contributor.authorBogoev, Janeen_US
dc.contributor.authorBojceva Terzijan, Sultanijaen_US
dc.contributor.authorÉgert, Balázsen_US
dc.contributor.authorPetrovska, Magdalenaen_US
dc.date.accessioned2009-01-28T15:05:13Z-
dc.date.available2009-01-28T15:05:13Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/17960-
dc.description.abstractThe ambition of this paper is to analyse real exchange rate dynamics in Macedonia relying on a highly disaggregated dataset. We complement the indirect evidence reported in Loko and Tuladhar (2005) and we provide direct evidence on the irrelevance of the Balassa-Samuelson effect for overall inflation via service prices in the CPI. Furthermore, we estimate variants of the BEER model. We show that alternative econometric techniques and data definitions bear an impact on the robustness of the estimation results. Overall, productivity, government consumption and the openness variables were found to be fairly robust in terms of sign and size. An increase/decrease in the productivity variables is associated with an appreciation/depreciation of the real effective exchange rate. Given that the B-S effect admittedly has a very limited role to play through nontradable prices in the CPI, this relationship could be explained by the (inverse) quality effect proposed by Loko and Tuladhar and, possibly in addition to that, by the nontradable component of tradable prices.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesEconomics Discussion Papers / Institut für Weltwirtschaft 2007-37en_US
dc.subject.jelE31en_US
dc.subject.jelF31en_US
dc.subject.jelO11en_US
dc.subject.jelP17en_US
dc.subject.ddc330en_US
dc.subject.keywordreal exchange rateen_US
dc.subject.keywordBalassa-Samuelsonen_US
dc.subject.keywordMacedoniaen_US
dc.titleReal exchange rate dynamics in Macedonia: Old wisdoms and new insightsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn558399576en_US
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.en-
dc.identifier.repecRePEc:zbw:ifwedp:6164-
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