Real exchange rates determined by 'cointegrated' factors, Bofit paper finds
Taken together, sectoral total factor productivity differentials, real interest rate differentials and the real price of gold (in turn proxies for real, monetary and global financial shocks respectively), explain the medium- to long-run movements in 14 bilateral US dollar real exchange rates from 1970 to 2006, according to a Bank of Finland Institute for Economies in Transition (Bofit) working paper.
Determinants of real exchange rates: An empirical investigation, by Vikas Kakkar and Isabel Yan
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