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Real Exch. Rate
0.8
ξ=0.5 ξ=0
0.6
Dev. from LOP
1.2 1 0.8 0.6
0.4
0.4 0.2
0.2
0 0
0
5
10 quarters
15
-0.2
20
0
5
10 quarters
15
20
Rel. Price of NT to T
0.2 0.1 0 -0.1 -0.2 -0.3
0
5
10 quarters
15
20
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