“…The results are more favorable for excgange rate depreciation effects when using the RER (Mirdala, 2013), which can be interpreted in favor of a 'weaker' currency. However, in a number of studies, the strengthening of the RER is a factor behind an increase in output in Bulgaria (Hsing and Krenn, 2016), Slovakia (Hsing, 2016a), the Czech Republic (Hsing, 2016b), and Croatia (Hsing, 2016c).…”