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The Equilibrium Real Exchange Rate of Germany
1997The NATREX model defines the fundamental determinants of the equilibrium real effective exchange rate in the medium to longer run. The PPP theory is a special case of the NATREX when a linear combination of the fundamentals, which are productivity and social thrift, is stationary. The differences in social thrift under Schmidt and Kohl, and the effects
Jérôme L Stein, Karlhans Sauernheimer
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MEAN REVERSION IN EQUILIBRIUM REAL EXCHANGE RATES
International Economic Journal, 1996This paper reports evidence that an equilibrium model of real exchange rate determination with time non-separable preferences can generate mean reversion in six real exchange rates. Using the generalized method of moments. I obtain plausible parameter estimates and cannot reject the model by the over-identifying restrictions test.
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Real Equilibrium Exchange Rate in China. Is the Renminbi Undervalued?
Journal of Asian Economics, 2007China’s exchange rate regime was a de facto peg to the dollar, from 1995 to July 2005 causing automatically an effective depreciation of renminbi (RMN) when the dollar depreciated significantly in 2003 and 2004. As China runs a current account surplus, this depreciation of the exchange rate has raised the question of a possible undervaluation of the ...
Virginie Coudert, Cécile Couharde
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Estimating the equilibrium real exchange rate in Venezuela [PDF]
Economics Bulletin, 2003 To determine whether the real exchange rate is misaligned with respect to its long-run equilibrium is an important issue for policy makers. This paper clarifies and calculates the concept of the equilibrium real exchange rate, using a structural vector autoregression (VAR) model.
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Government Expenditure and Equilibrium Real Exchange Rates
Journal of International Money and Finance, 2002Abstract Government expenditures (financed by lump-sum taxes) influence real exchange rates potentially via a resource-withdrawal channel and a consumption-tilting channel. Recent theoretical and empirical studies have considered only the effects of government spending through the resource-withdrawal channel.
Ronald J. Balvers, Jeffrey H. Bergstrand
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Estimation of real equilibrium exchange rates. [PDF]
, 2000 The purpose of this paper is to provide a consistent and transparent theoretical and empirical framework to analyse real effective equilibrium exchange rates for a large number of industrial countries. The theoretical and empirical model, as well as the applied methodology, are closely related to a recently published working paper by the IMF (Alberola ...
Jan Hansen, Werner Roeger
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Chapter 4. Equilibrium Real Exchange Rates
2004Large current account deficits in Estonia and Latvia, and the continued real appreciation of the exchange rate in Lithuania, have prompted concerns about the competitiveness of the Baltic economies, and called into question the sustainability of their current fixed exchange rate arrangements.
Yuan Xiao +2 more
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Equilibrium Real Exchange Rates in Transition
1995This paper tests two central assumptions regarding transforming economies: that the initial exchange rates were strongly undervalued and that the subsequent evolution of the real exchange rate was both a response to the initial undervaluation and an equilibrium real appreciation. The econometric results support both assumptions.
Halpern, László, Wyplosz, Charles
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Chapter4. Equilibrium Real Exchange Rate in Paraguay
2005Following some historical background, this paper describes how corruption is manifested in Paraguay. The paper distinguishes between factors that explain the growth performance of Paraguay since 1960 (where corruption does not directly enter as a significant factor) and factors that explain the relative level of income of Paraguay in the past 40 or 50 ...
Jeffrey Franks +3 more
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