Real Exchange Rates and Sectoral Productivity in the Eurozone
研究了欧元区国家实际汇率与部门全要素生产率之间的关系，发现实际汇率变动与修正的巴拉萨-萨缪尔森效应一致，并构建DSGE模型验证了该关系。
We investigate the link between real exchange rates and sectoral TFP for eurozone countries. We show that real exchange rate variation, both cross-country and time-series, closely accords with an amended Balassa-Samuelson interpretation, incorporating sectoral productivity shocks and a labor market wedge. We construct a DSGE model to generate a cross section and time series of real exchange rates to compare to data. Estimates from simulated regressions are very similar to estimates for eurozone data. Our findings contrast with previous studies that have found little relationship between productivity and real exchange rates among high-income countries that have floating nominal exchange rates.