Beitrag, Deutsch, John Wiley & Sons, Inc
Autor: Prof. Dr. Ansgar Belke
Herausgeber / Co-Autor: Beckmann, Joscha; Czudaj, Robert
Erscheinungsdatum: 2015
Quelle: Review of Development Economics, Vol. 19/3
Seitenangabe: 502-515
Aufrufe gesamt: 3, letzte 30 Tage: 1
This paper provides new insights into the relationship between exchange rates and productivity developments for European Economies. We focus on the question whether productivity changes have a long-run impact on real effective exchange rates for a large number of European economies. Focusing on a sample period running from 1995 until 2013, we adopt a cointegrated vector autoregressive approach and distinguish between long-run equilibrium, short-run dynamics and long-run impact of shocks. Our findings show that for several industrialized economies, real effective exchange rates and labor productivity are not related over the long-run. A possible explanation for this result is that wage developments do not reflect increases in labor productivity to a large degree, which prevents a transmission to the real effective exchange rate through the price channel. The results for Central and Eastern European Countries are more encouraging since a positive impact of labor productivity on real effective exchange rate is frequently observed.
Fachthemen
DE, Essen
Inhaber des Jean-Monnet Lehrstuhls VWL, insbes. Makroökonomik an der Universität Duisburg-Essen
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