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United States 195090
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Actual and Trend affect the relative AMAX balance of payments Balassa-Samuelson effect cointegrating relationships cointegration estimates convergence cyclical component decline dollar real exchange domestic eigenvalue equation equilibrium real exchange equilibrium value estimated cointegrating vector exchange rate determination external macroeconomic factors floating exchange rates forcing variables foreign asset position fundamental determinants home country indicates significance industrial countries International Financial Statistics Japan Johansen lag length long-run coefficient long-run determinants long-run movements long-run path long-run real exchange macroeconomic balance matrix Maximum Likelihood measure Null Hypothesis Ogaki Ostry percent level postwar period price of nontraded price of traded PROD productivity growth purchasing power parity ratio rational expectations real appreciation real exchange rate real value REERt relative price reported in Table Restricted Estimates shocks stationary Statistic Assuming steady steady-state stock-flow sustainable real exchange Table 3b terms of trade test statistics tradables trade balance traded versus nontraded trend movements trend-stationary unit root