Relative labor productivity and the real exchange rate in the long run: evidence for a panel of OECD countries

• 成果类型: Article
• 署名作者: Canzoneri, MB; Cumby, RE; Diba, B
• 署名单位: Georgetown University
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(98)00021-X
• 发表日期: 1999
• 页码: 245-266
• 关键词: Real exchange rates; PRODUCTIVITY

摘要

The Balassa-Samuelson model, which explains real exchange rate movements in terms of sectoral productivities, rests on two components. First, it implies that the relative price of non-traded goods in each country should reflect the relative productivity of labor in the traded and non-traded goods sectors. Second, it assumes purchasing power parity holds for traded goods. We test both of these using a panel of OECD countries. Our results suggest that relative prices generally reflect relative labor productivities in the long run. The evidence on purchasing power parity in traded goods is less favorable, at least when ive look at US dollar exchange rates. (C) 1999 Elsevier Science B.V. All rights reserved.