Identifying Determinants of Germany's International Price Competitiveness: A Structural VAR Approach
The paper employs a structural vector auto-regression (SVAR) along the lines of Blanchard and Quah (1989) and Clarida and Gali (1994) to identify the sources of changes in German international price competitiveness over the past 30 years. This leads to a separation of the driving forces of the real...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2006
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The paper employs a structural vector auto-regression (SVAR) along the lines of Blanchard and Quah (1989) and Clarida and Gali (1994) to identify the sources of changes in German international price competitiveness over the past 30 years. This leads to a separation of the driving forces of the real exchange rate into real demand, supply, and nominal shocks. Based on this decomposition, it is analysed whether real exchange rate changes have helped to stabilise output in the post re-unification period and whether such changes have facilitated the ongoing structural adjustment process of the German economy. The results indicate that real demand and nominal shocks have been the main drivers of the real exchange rate in the past, whereas output fluctuations have been almost entirely due to supply shocks. In particular, it turns out that improvements of Germany's price competitiveness in the second half of the 1990s have been primarily the result of a relative domestic demand restraint and hardly that of supply side expansions |
| Beschreibung: | 1 Online-Ressource (30 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/407563327012 |
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| 245 | 1 | 0 | |a Identifying Determinants of Germany's International Price Competitiveness |b A Structural VAR Approach |c Martin Meurers = Recherche des déterminants de la compétitivité-prix internationale de l'Allemagne à partir d'un modèle vectoriel autorégressif (VAR) structurel / Martin Meurers |
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| 520 | |a The paper employs a structural vector auto-regression (SVAR) along the lines of Blanchard and Quah (1989) and Clarida and Gali (1994) to identify the sources of changes in German international price competitiveness over the past 30 years. This leads to a separation of the driving forces of the real exchange rate into real demand, supply, and nominal shocks. Based on this decomposition, it is analysed whether real exchange rate changes have helped to stabilise output in the post re-unification period and whether such changes have facilitated the ongoing structural adjustment process of the German economy. The results indicate that real demand and nominal shocks have been the main drivers of the real exchange rate in the past, whereas output fluctuations have been almost entirely due to supply shocks. In particular, it turns out that improvements of Germany's price competitiveness in the second half of the 1990s have been primarily the result of a relative domestic demand restraint and hardly that of supply side expansions | ||
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| index_date | 2024-07-03T19:35:04Z |
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| spelling | Meurers, Martin Verfasser aut Identifying Determinants of Germany's International Price Competitiveness A Structural VAR Approach Martin Meurers = Recherche des déterminants de la compétitivité-prix internationale de l'Allemagne à partir d'un modèle vectoriel autorégressif (VAR) structurel / Martin Meurers Recherche des déterminants de la compétitivité-prix internationale de l'Allemagne à partir d'un modèle vectoriel autorégressif (VAR) structurel Paris OECD Publishing 2006 1 Online-Ressource (30 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers The paper employs a structural vector auto-regression (SVAR) along the lines of Blanchard and Quah (1989) and Clarida and Gali (1994) to identify the sources of changes in German international price competitiveness over the past 30 years. This leads to a separation of the driving forces of the real exchange rate into real demand, supply, and nominal shocks. Based on this decomposition, it is analysed whether real exchange rate changes have helped to stabilise output in the post re-unification period and whether such changes have facilitated the ongoing structural adjustment process of the German economy. The results indicate that real demand and nominal shocks have been the main drivers of the real exchange rate in the past, whereas output fluctuations have been almost entirely due to supply shocks. In particular, it turns out that improvements of Germany's price competitiveness in the second half of the 1990s have been primarily the result of a relative domestic demand restraint and hardly that of supply side expansions Economics Germany https://doi.org/10.1787/407563327012 Verlag kostenfrei Volltext |
| spellingShingle | Meurers, Martin Identifying Determinants of Germany's International Price Competitiveness A Structural VAR Approach Economics Germany |
| title | Identifying Determinants of Germany's International Price Competitiveness A Structural VAR Approach |
| title_alt | Recherche des déterminants de la compétitivité-prix internationale de l'Allemagne à partir d'un modèle vectoriel autorégressif (VAR) structurel |
| title_auth | Identifying Determinants of Germany's International Price Competitiveness A Structural VAR Approach |
| title_exact_search | Identifying Determinants of Germany's International Price Competitiveness A Structural VAR Approach |
| title_exact_search_txtP | Identifying Determinants of Germany's International Price Competitiveness A Structural VAR Approach |
| title_full | Identifying Determinants of Germany's International Price Competitiveness A Structural VAR Approach Martin Meurers = Recherche des déterminants de la compétitivité-prix internationale de l'Allemagne à partir d'un modèle vectoriel autorégressif (VAR) structurel / Martin Meurers |
| title_fullStr | Identifying Determinants of Germany's International Price Competitiveness A Structural VAR Approach Martin Meurers = Recherche des déterminants de la compétitivité-prix internationale de l'Allemagne à partir d'un modèle vectoriel autorégressif (VAR) structurel / Martin Meurers |
| title_full_unstemmed | Identifying Determinants of Germany's International Price Competitiveness A Structural VAR Approach Martin Meurers = Recherche des déterminants de la compétitivité-prix internationale de l'Allemagne à partir d'un modèle vectoriel autorégressif (VAR) structurel / Martin Meurers |
| title_short | Identifying Determinants of Germany's International Price Competitiveness |
| title_sort | identifying determinants of germany s international price competitiveness a structural var approach |
| title_sub | A Structural VAR Approach |
| topic | Economics Germany |
| topic_facet | Economics Germany |
| url | https://doi.org/10.1787/407563327012 |
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