文章基本信息

标题：Real Exchange Rates in the Long Run: Evidence from Historical Data
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作者：V. Anton Muscatelli ; Franco Spinelli ; Carmine Trecroci ( --figures ) 等
期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2001
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：W e presentempiricalevidence on the forces drivingrealexchange rates in thelongrun. U singdatafromthreeindustrialisedcountries, we…ndsupport forthehypothesis thatproductivityand …scalshocksmatter. T hereis also evidence, however, thattheimpactof…scalshocks onlymatters intheshort andmedium-run. In some cases …scalshocks cause depreciations, and this is probably explained by themonetary accomodation of…scalshocks. T he traditionalH arrod-B alassa-Samuelsone¤ectofproductivityonrealexchange rates is also found to be reversed in some cases, which demonstrates the importanceofthedistributivesectorindrivingproductivitygains.