To What Extent Does Productivity Drive the Dollar? - FEDERAL RESERVE BANK of NEW YORK

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Current Issues in Economics and Finance

To What Extent Does Productivity Drive the Dollar?

August 2001 Volume 7, Number 8

JEL classification: F31, F41

Authors: Cédric Tille, Nicolas Stoffels, and Olga Gorbachev

The continuing strength of the dollar has fueled interest in the relationship between productivity and exchange rates. An analysis of the link between the dollar's movements and productivity developments in the United States, Japan, and the euro area suggests that productivity can account for much of the change in the external value of the dollar over the past three decades.

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6 pages / 453 kb

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