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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/25973
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| Title: | | Real exchange rates in small open OECD and transition economies: comparing apples with oranges?  |
| Authors: | | Égert, Balázs Lommatzsch, Kirsten Lahrèche-Révil, Amina |
| Issue Date: | | 2007 |
| Series/Report no.: | | CESifo working paper 1928 |
| 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. |
| Subjects: | | real exchange rate equilibrium exchange rate productivity tradables Balassa- Samuelson effect |
| JEL: | | C15 E31 F31 O11 P17 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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