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The determinants of the real exchange rate: an empirical analysis based on 16 OECD countries for the period of 1995-2015
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Why do we observe significant disparities in the relative price levels across countries? What should we claim as the main drivers of the real exchange rates? Our work investigatesthe validity of theBalassa-Samuelson(BS)hypothesis using a panel of 16 OECD countries overthe period of 1995-2015. Controlling for other potential determinants of the RERand using different alternativesto proxy for productivity levels across sectors,we conclude that the BS effect is significantand robust for the different proxies tested. However, terms of trade alsoreveal a strongexplanatory power.
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Real exchange rate Balassa-Samuelson hypothesis PPP theory Fixed effects