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What determines European real exchange rates?

Author: Martin Berka; Michael B Devereux; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2010.
Series: Working paper series (National Bureau of Economic Research), no. 15753.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
We study a newly constructed panel data set of relative prices of a large number of consumer goods among 31 European countries. We find that there is a substantial and non-diminishing deviation from PPP at all levels of aggregation, even among eurozone members. However, real exchange rates are very closely tied to relative GDP per capita within Europe, both across countries and over time. This relationship is highly  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Martin Berka; Michael B Devereux; National Bureau of Economic Research.
OCLC Number: 526489538
Notes: "February 2010."
Title from http://www.nber.org/papers/w15753 viewed Feb. 23, 2010.
Description: 1 online resource (73 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 15753.
Responsibility: Martin Berka, Michael B. Devereux.

Abstract:

We study a newly constructed panel data set of relative prices of a large number of consumer goods among 31 European countries. We find that there is a substantial and non-diminishing deviation from PPP at all levels of aggregation, even among eurozone members. However, real exchange rates are very closely tied to relative GDP per capita within Europe, both across countries and over time. This relationship is highly robust at all levels of aggregation. We construct a simple two-sector endowment economy model of real exchange rate determination. Simulating the model using the historical relative GDP per capita for each country, we find that for most (but not all) countries there is a very close fit between the actual and simulated real exchange rate.

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