Terms of trade real exchange rate
Using the null hypothesis of cointegration, it is shown that the real exchange rate and the terms of trade of the seven major OECD countries are cointegrated in 31 Jul 2015 TERMS OF TRADE, PROD UCTIVITY,. AND THE REAL EXCHANGE RATE. José Dc Gregorio. Holger C. Wolf. Working Paper No. 4807. Keywords: Terms of trade, the real exchange rate, international reserves, commodity price shocks, volatility, exchange rate regime. * This is a revised version of