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LOG 1.582(3.18)

LOG -1 0.333(2.42)

LOG -0.132(-4.44)

LOG 0.064(3.39)

LOG 0.115(3.82)

LOG 1.271(6.00)2.770(8.55)

LOG 0.083(2.62)

LOG - LOG -0.176(-2.43)

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LOG -4 -0.04(-3.08)

( /100 -4 0.024(2.40)

-1 0.349(5.31)

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-1 * 85-88 -0.318(-4.12)

-1 -1 -0.099(-3.94)

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-1 3.853(3.05)

2 0.66 0.44 0.78 0.50

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1974/IV-1985/II

3sls 2sls ols 2sls 2sls 2sls-0.007 -0.006 -0.006 -0.007 -0.009(-3.31) (-2.64) (-2.66) (-3.20) (-4.24)

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LOG - LOG -0.176 -0.166 -0.133 -0.193 -0.175(-2.43) (-2.16) (-3.25) (-2.75) (-1.85)

LOG -3 -0.561 -0.540 -0.515 -0.558(-2.65) (-2.42) (-2.33) (-1.85)

LOG -4 -0.04 -0.04 -0.04 -0.190 -0.033 -0.042(-3.08) (-2.86) (-3.13) (-2.47) (-2.45) (-3.52)

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-13,4 0.349 0.370 0.366 0.134 0.383 0.196

(5.31) (5.27) (5.23) (4.22) (6.21) (2.44)

-1 70-853,4

-0.189 -0.216 -0.207(-2.71) (-2.90) (-2.80)

-1 85-883,4

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-1 -1 -0.099 -0.097 -0.095 -0.067 -0.125 -0.140(-3.94) (-3.56) (-3.51) (-2.03) (-2.14) (-2.62)

-1 -1 85-883,4

0.148 0.154 0.150 0.173 0.215(3.10) (3.00) (2.97) (2.61) (3.42)

0.216(3.67)

-4 -0.1582-0.081

(-3.99) (-2.06)

-15 3.853 3.044 3.220 12.295

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(2.43)(2) 0.302

(1.69)2 0.50 0.50 0.50 0.55 0.54 0.59

125 125 126 43 77 771.92 1.85 1.85 2.05 1.94 2.06

1985/III-2004/IV1973/I-2004/IV

1( , :res_xed res_imed LOG(i/y),

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1985/III-2004/IV 1973/III-1985/II

3sls 2sls ols 2sls 2sls

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LOG -0.225 -0.215 -0.171 -0.408 -0.168(-2.29) (-2.12) (-2.30) (-3.00) (-1.20)

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LOG 1.271 1.303 1.074 1.077 1.035(6.00) (5.95) (6.71) (4.89) (2.54)

2.770 2.786 2.908 2.863 2.627(8.55) (8.32) (9.82) (5.12) (5.46)

2 0.44 0.44 0.45 0.45 0.44

125 125 125 77 48

2.02 2.02 1.98 1.97 1.83

1973/III-2004/IV

1( ,:

res_px_py-1, (de-dea-1), (de-dea-1)*dum_70_85, (de-dea-1)*dum_85_88, (de-1-dea-2), (de-1-dea-2)*dum_85_88, (var_e-1), (rs-4)/100, (LOG(i/y)), (LOG(i/y-1)), res_xed-1,

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1985/III-2004/IV 1973/III-1985/II

3sls 2sls ols 2sls 2sls

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LOG 0.236 0.249 0.239 0.052 0.493(1.80) (1.82) (2.64) (0.31) (2.73)

LOG( _67 0.591 0.588 0.564 0.629 0.369(4.78) (4.48) (4.30) (3.54) (1.89)

LOG -1 0.333 0.319 0.309 0.449 -0.111(2.42) (2.14) (2.06) (2.46) (-0.43)

LOG 0.064 0.063 0.065 0.064 0.068(3.39) (3.15) (3.27) (3.32) (1.26)

LOG 1.582 1.779 1.765 1.048 1.728(3.18) (3.31) (3.29) (1.64) (1.87)

LOG -0.132 -0.135 -0.136 0.315 -0.161(-4.44) (-4.25) (-4.25) (1.98) (-3.44)

LOG 0.115 0.098 0.100 0.079 0.098(3.82) (3.01) (3.07) (1.74) (2.24)

2 0.66 0.66 0.65 0.56 0.78

125 125 126 77 48

2.19 2.18 2.16 2.22 2.24

1973/III-2004/IV

1( ,:

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1985/III-2004/IV 1973/III-1985/II

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LOG -0.225 -0.215 -0.171 -0.408 -0.168(-2.29) (-2.12) (-2.30) (-3.00) (-1.20)

LOG 0.083 0.065 0.081 0.037 0.109(2.62) (1.93) (2.58) (0.75) (2.13)

LOG 1.271 1.303 1.074 1.077 1.035(6.00) (5.95) (6.71) (4.89) (2.54)

2.770 2.786 2.908 2.863 2.627(8.55) (8.32) (9.82) (5.12) (5.46)

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, ' ' )2001(. , - , ')( :

, ') 1998.( :1997-1980 98.05 , , .

, ' ' )1994(. " : " ,.

Balassa, B. (1964). �The Purchasing Power Parity doctrine: A

reappraisal�, Journal of Political Economy 72. Bergvall, A. (2004). �What determines the real exchange rates? The

Nordic countries�, The Scandinavian Journal of Economics 106 (2).

Braude, J. (2000). Age structure and the real exchange rate, Discussion paper No. 2000.10, Research Department, Bank of Israel.

Chinn, M.D. (1997). Sectoral productivity, government spending and real exchange rates: Empirical evidence for OECD countries, National Bureau of Economic Research discussion paper No. 6017.

Chinn, M.D. (1997). The usual suspects ? Productivity and demand shocks and Asia-Pacific real exchange rates, National Bureau of Economic Research discussion paper No. 6108.

De, Gregorio J. and H. Wolf (1994). Terms of trade, productivity, and the real exchange rate, National Bureau of Economic Research discussion paper No. 4807.

Froot, K.A. and K. Rogoff (1995). Perspectives on PPP and long run real exchange rates, Handbook of International Economics Volume 3, G.M. Grossman and K, Rogoff (eds)., Elsevier North Holland, Amsterdam, New York and Oxford.

Garcia, P. (1998). Income inequality and the real exchange rate, mimeo, MIT.

Lane, P.R. and G.M. Milesi-Ferretti (2002). External wealth, the trade balance, and the real exchange rate, European Economic Review

46.

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Lavi, Y. and M. Strawczynski (2002). Policy variables and growth: evidence from Israel, Applied Economics Letters, 9(2), 81-86.

Marston, R. (1987). Real exchange rates and productivity growth in the United States and Japan, Real financial linkages among open economies, S. Arndt and J.D Richardson, (eds)., MIT press, Cambridge, MA.

Obstfeld, M. and K. Roggof, (1995). The intertemporal approach to the current account, Handbook of International Economics Volume 3, G.M. Grossman and K, Rogoff eds., Elsevier North Holland, Amsterdam, New York and Oxford.

Romanov, D. (2003). The real exchange rate and the Balassa-Samuelson hypothesis: an appraisal of Israel's case since 1986, Discussion paper No. 2003.09, Research Department, Bank of Israel.

Samuelson, P.A. (1964). �Theoretical notes on trade problems�, The Review of Economics and Statistics 46.