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Concepts of Equilibrium Exchange Rates [PDF]
This paper explains what is meant by the concept of equilibrium exchange rates. It argues that a variety of equilibrium exchange rates can be defined and their behaviour will vary according to different definitions of the exchange rate, and over short, medium and long-term horizons.
Rebecca L Driver, Peter F Westaway
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On the Indeterminacy of Equilibrium Exchange Rates
The Quarterly Journal of Economics, 1981In this paper we consider a particular international economic policy regime: the laissez-faire regime, the distinguishing features of which are unrestricted portfolio choice and floating exchange rates. And as we show, this regime, although favored by many economists, is not economically feasible. It does not have a determinate equilibrium.
John Kareken, Neil Wallace
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Exports and the Exchange Rate: A General Equilibrium Perspective
2022Comment les exportations d’un pays changent-elles lorsque sa monnaie se déprécie? Généralement, on considère qu’une dépréciation de la monnaie entraîne une hausse des exportations puisqu’elle fait baisser leurs prix et incite les acheteurs étrangers à privilégier ces biens.
Alexander, Patrick, Reza, Abeer
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Fundamental equilibrium exchange rates and exchange rate dynamics
Open Economies Review, 1993This paper examines whether there is a tendency for actual exchange rates to return to their fundamental equilibrium exchange rates (FEERs) when the latter are estimated based on popular exchange rate models. Co-integration tests and unit root tests are applied.
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Introduction: Equilibrium Exchange Rates
1999The papers in this volume are directed towards answering the following types of questions: How successful is PPP, and its extension in the monetary model, as a measure of the equilibrium exchange rate? What are the determinants and dynamics of equilibrium real exchange rates? How can misalignments be measured, and what are their causes?
Ronald MacDonald, Jerome L. Stein
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Exchange Rate Regimes and Equilibrium Exchange Rates in East Asia
Revue économique, 2003L’evaluation de taux de change d’equilibre des monnaies des trois grands pays d’Asie de l’Est (japon, Chine, Coree) est effectuee selon la methode du feer de Williamson [1994]. Elle permet d’eclaircir les problemes de cooperation monetaire regionale, qui ont acquis une importance accrue apres la crise financiere de 1997-1998. Le yuan chinois est devenu
Se-Eun Jeong, Jacques Mazier
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EQUILIBRIUM REAL EXCHANGE RATES
The Manchester School, 1992This paper analyzes the role of the real exchange rate in macroeconomic equilibrium. The supply-side equilibrium exchange rate, that level of the real exchange rate at which (relative) inflation is constant, is derived from a simple macro-model and related to the standard "NAIRU" model.
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Equilibrium Exchange Rate Modeling
2018 Eleventh International Conference "Management of large-scale system development" (MLSD, 2018In medium-term dynamic studies of exchange rates we apply the principles of the international flows equilibrium exchange rate modeling (IFEER modeling), developed by the author. In this article, a new fundamental factors model of the equilibrium exchange rate is presented.
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