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Terms of Trade, Productivity, and the Real Exchange Rate / Jose De Gregorio, Holger C. Wolf.
- Format:
- Book
- Author/Creator:
- De Gregorio, Jose.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w4807.
- NBER working paper series no. w4807
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1994.
- Summary:
- 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.
- Notes:
- Print version record
- July 1994.
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