Comments on "Strategic Complementarity and Asymmetric Price Setting Among Firms
In: BIS Paper No. 111j
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In: BIS Paper No. 111j
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Working paper
In: Review, Band 100, Heft 2, S. 171-200
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In: CESifo Working Paper Series No. 3724
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Working paper
In: Economic policy, Band 28, Heft 74, S. 193-242
ISSN: 1468-0327
In: NBER Working Paper No. w15753
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In: NBER Working Paper No. w15580
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In: American economic review, Band 108, Heft 6, S. 1543-1581
ISSN: 1944-7981
We investigate the link between real exchange rates and sectoral TFP for eurozone countries. We show that real exchange rate variation, both cross-country and time-series, closely accords with an amended Balassa-Samuelson interpretation, incorporating sectoral productivity shocks and a labor market wedge. We construct a DSGE model to generate a cross section and time series of real exchange rates to compare to data. Estimates from simulated regressions are very similar to estimates for eurozone data. Our findings contrast with previous studies that have found little relationship between productivity and real exchange rates among high-income countries that have floating nominal exchange rates. (JEL E12, E23, E24, F31, F33, F43)
In: American economic review, Band 102, Heft 3, S. 179-185
ISSN: 1944-7981
It is often suggested that currency unions unduly inhibit the efficient adjustment of real exchange rates. Recently, this has been seen as a key failure of the Eurozone. This paper presents evidence that throws doubt on this conclusion. Our evidence suggests that real exchange rate movement within the Eurozone was at least as compatible with efficient adjustment as the behavior of real exchange rates for the floating rate countries outside the Eurozone. This interpretation is consistent with a model in which nominal exchange rate movements give rise to persistent deviations from the law of one price in traded goods.
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In: DEVEC-D-22-00335
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In: American Economic Review, 2018, 108(6), June, 1543 - 1581
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In: CEPR Discussion Paper No. DP10203
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In: CAMA Working Paper No. 66/2014
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Working paper
In: NBER Working Paper No. w20510
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In: The Canadian journal of economics: the journal of the Canadian Economics Association = Revue canadienne d'économique, Band 45, Heft 2, S. 417-447
ISSN: 1540-5982
Abstract Cole and Obstfeld (1991) exposited a classic result where equilibrium movements in the terms of trade could make ex ante risk‐sharing arrangements unnecessary: a unity elasticity of substitution across goods and production specialization. This paper extends their model to N countries and M commodities (N > M). Here the terms of trade provides insurance against commodity‐specific shocks, not country‐specific shocks. Using commodity‐level production data at the national level and world commodity prices, we document significant terms of trade variability and positive responses of nation‐specific production to terms of trade improvements. The endogenous terms of trade insurance mechanism highlighted in CO is virtually non‐existent.