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How Robust are Estimates of Equilibrium Real Exchange Rates

2006 Equilibrium (Economics)
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Release : 2006
Genre : Equilibrium (Economics)
Kind : eBook
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Book Synopsis How Robust are Estimates of Equilibrium Real Exchange Rates by : Steven Vincent Dunaway

Download or read book How Robust are Estimates of Equilibrium Real Exchange Rates written by Steven Vincent Dunaway. This book was released on 2006. Available in PDF, EPUB and Kindle. Book excerpt: Increased attention is being paid to assessments of the actual values of countries' real exchange rates relative to their "equilibrium" values as suggested by "fundamental" determining factors. This paper assesses the robustness of alternative approaches and models commonly used to derive equilibrium real exchange rate estimates. Using China's currency to illustrate this analysis, the variance in estimates raises serious questions regarding how robust the results are. The basic conclusion from the tests used here is that, at least for China, small changes in model specifications, explanatory variable definitions, and time periods used in estimation can lead to very substantial differences in equilibrium real exchange rate estimates. Thus, such estimates should be treated with great caution.

IMF Working Papers

2006 Electronic books
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Release : 2006
Genre : Electronic books
Kind : eBook
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Book Synopsis IMF Working Papers by : Steven Vincent Dunaway

Download or read book IMF Working Papers written by Steven Vincent Dunaway. This book was released on 2006. Available in PDF, EPUB and Kindle. Book excerpt:

Equilibrium Exchange Rates

2012-12-06 Business & Economics
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Release : 2012-12-06
Genre : Business & Economics
Kind : eBook
Book Rating : 117/5 ( reviews)

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Book Synopsis Equilibrium Exchange Rates by : Ronald MacDonald

Download or read book Equilibrium Exchange Rates written by Ronald MacDonald. This book was released on 2012-12-06. Available in PDF, EPUB and Kindle. Book excerpt: 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? What are the effects of specific policies upon the equilibrium exchange rate? The answers to these questions are important to academic theorists, policymakers, international bankers and investment fund managers. This volume encompasses all of the competing views of equilibrium exchange rate determination, from PPP, through other reduced form models, to the macroeconomic balance approach. This volume is essentially empirical: what do we know about exchange rates? The different econometric and theoretical approaches taken by the various authors in this volume lead to mutually consistent conclusions. This consistency gives us confidence that significant progress has been made in understanding what are the fundamental determinants of exchange rates and what are the forces operating to bring them back in line with the fundamentals.

Robustness of Equilibrium Exchange Rate Calculations to Alternative Assumptions and Methodologies

1994 Foreign exchange rates
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Release : 1994
Genre : Foreign exchange rates
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Book Synopsis Robustness of Equilibrium Exchange Rate Calculations to Alternative Assumptions and Methodologies by : Tamim Bayoumi

Download or read book Robustness of Equilibrium Exchange Rate Calculations to Alternative Assumptions and Methodologies written by Tamim Bayoumi. This book was released on 1994. Available in PDF, EPUB and Kindle. Book excerpt:

What Determines Real Exchange Rates? The Long and Short of it

1997-02-01 Business & Economics
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Release : 1997-02-01
Genre : Business & Economics
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Book Rating : 675/5 ( reviews)

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Book Synopsis What Determines Real Exchange Rates? The Long and Short of it by : Mr.Ronald MacDonald

Download or read book What Determines Real Exchange Rates? The Long and Short of it written by Mr.Ronald MacDonald. This book was released on 1997-02-01. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a reduced-form model of the real exchange rate. Using multilateral cointegration methods, the model is implemented for the real effective exchange rates of the dollar, the mark, and the yen, over the period 1974-1993. In contrast to much other research using real exchange rates, there is evidence of significant and sensible long-run relationships for a simplified version as well as for the full version of the model. The estimated long-run relationships are used to produce dynamic equations, which outperform a random walk and produce sensible dynamic patterns in the context of an impulse response analysis.

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