Dabós, MarceloGantman, Ernesto2019-09-032019-09-032016https://repositorio.pucp.edu.pe/index/handle/123456789/166756Using large panel data models that deal with the problems of potential endogeneity and cross-sectional dependence, while also allowing for cross-country heterogeneity in the parameters of interest, we demonstrated that trade openness produces a depreciation of the real effective exchange rate and total factor productivity leads to its appreciation.enginfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-nd/2.5/pe/Real effective exchange rateTrade opennessTerms of tradeTotal factor productivityinfo:eu-repo/semantics/workingPaperhttp://purl.org/pe-repo/ocde/ford#5.02.04http://dx.doi.org/10.7835/ccwp-2016-06-0028