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This paper evaluates competitiveness in Slovakia and estimates the equilibrium real exchange rate for the koruna. Slovak wages and prices are found to have been relatively low even when adjusted for differences in relative income and productivity, suggesting an undervalued real exchange rate. However, recent rapid nominal appreciation has reduced most or all of this undervaluation and has brought the real exchange rate near or above equilibrium. The productivity-driven equilibrium real appreciation rate during 2005?09 is estimated at close to 3 percent per year but can be lower with the help of fiscal consolidation.
Competition -- Slovakia. --- Electronic books. -- local. --- Equilibrum (Political economy). --- Wages -- Slovakia. --- Foreign Exchange --- Labor --- Macroeconomics --- Production and Operations Management --- Macroeconomics: Production --- Macroeconomics: Consumption --- Saving --- Wealth --- Wages, Compensation, and Labor Costs: General --- Price Level --- Inflation --- Deflation --- Currency --- Foreign exchange --- Labour --- income economics --- Real exchange rates --- Productivity --- Government consumption --- Wages --- Price controls --- Industrial productivity --- Consumption --- Economics --- Prices --- Government policy --- Slovak Republic --- Competition --- Equilibrum (Political economy)
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Money demand in dollarized economies often appears to be highly unstable, making it difficult to forecast and control inflation. In this paper, we show that a stable money demand function for Russia can be found for "effective broad money," which includes an estimate of foreign cash holdings. Moreover, we find that an excess supply of effective broad money is inflationary, while other excess money measures are not, and that effective broad money growth has the strongest and most persistent effect on short-run inflation.
Currency substitution -- Russia (Federation). --- Demand for money -- Russia (Federation). --- Electronic books. -- local. --- Inflation (Finance) -- Russia (Federation). --- Inflation --- Money and Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Price Level --- Deflation --- Demand for Money --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary economics --- Macroeconomics --- Monetary base --- Demand for money --- Currencies --- Monetary aggregates --- Money supply --- Money --- Prices --- Russian Federation --- Inflation (Finance) --- Currency substitution
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