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The Baumol-Balassa-Samuelson Effect Over One Century In Six Eu Countries And The United States

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RAZGALLAH, B. ()

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Abstract

The aim of this paper is to test the Baumol-Balassa-Samuelson effect in seven countries over one century. The test accounts for an endogenous structural break in data and shows that the relative price of non-tradable goods shares a common stochastic trend with differences in productivity growth between the tradable and non-tradable sectors in six countries. The estimates of this paper suggest that differences in productivity growth between countries are an important determinant of the behaviour of real exchange rates.

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Publisher Info
Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 8 (2008)
Issue (Month): 1 ()
Pages: 41-52
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Handle: RePEc:eaa:aeinde:v:8:y:2008:i:1_3

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Related research
Keywords: productivity bias; real exchange rate; structural break;

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Find related papers by JEL classification:
F31 - International Economics - - International Finance - - - Foreign Exchange

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  1. Robin L. Lumsdaine & David H. Papell, 1997. "Multiple Trend Breaks And The Unit-Root Hypothesis," The Review of Economics and Statistics, MIT Press, vol. 79(2), pages 212-218, May. [Downloadable!] (restricted)
  2. Perron, Pierre & Vogelsang, Timothy J, 1992. "Nonstationarity and Level Shifts with an Application to Purchasing Power Parity," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(3), pages 301-20, July.
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  3. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584. [Downloadable!] (restricted)
  4. Bahmani-Oskooee, Mohsen & Niroomand, Farhang, 1996. "A Reexamination of Balassa's Productivity Bias Hypothesis," Economic Development and Cultural Change, University of Chicago Press, vol. 45(1), pages 195-204, October.
  5. Jose De Gregorio & Holger C. Wolf & Alberto Giovannini, 1994. "International Evidence on Tradables and Nontradables Inflation," IMF Working Papers 94/33, International Monetary Fund.
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  6. Vikas Kakkar, 2003. "The Relative Price of Nontraded Goods and Sectoral Total Factor Productivity: An Empirical Investigation," The Review of Economics and Statistics, MIT Press, vol. 85(2), pages 444-452, 07. [Downloadable!] (restricted)
  7. Clemente, Jesus & Montanes, Antonio & Reyes, Marcelo, 1998. "Testing for a unit root in variables with a double change in the mean," Economics Letters, Elsevier, vol. 59(2), pages 175-182, May. [Downloadable!] (restricted)
  8. Papell, David H. & Prodan, Ruxandra, 2006. "Additional Evidence of Long-Run Purchasing Power Parity with Restricted Structural Change," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(5), pages 1329-1349, August. [Downloadable!] (restricted)
  9. Alan M. Taylor, 2000. "A Century of Purchasing-Power Parity," NBER Working Papers 8012, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Lothian, James R & Taylor, Mark P, 1996. "Real Exchange Rate Behavior: The Recent Float from the Perspective of the Past Two Centuries," Journal of Political Economy, University of Chicago Press, vol. 104(3), pages 488-509, June. [Downloadable!] (restricted)
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