In Search of a Dramatic Equilibrium

This papers estimates the equilibrium exchange rate for Armenia using three different approaches: the purchasing power parity (PPP) approach, the behavioral equilibrium exchange rate (BEER) approach, and the external sustainability (ES) approach. All three approaches suggest that the dram was overvalued by about 20-30 percent prior to the devaluation of the dram in March 2009

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Year of publication:	2009
Authors:	Oomes, Nienke
Other Persons:	Stepanyan, Vahram (contributor) ; Minasyan, Gohar (contributor) ; Stepanyan, Ara (contributor)
Publisher:	Washington : International Monetary Fund
Subject:	Suchtheorie \| Search theory \| Gleichgewichtstheorie \| Equilibrium theory \| Gleichgewichtsmodell \| Equilibrium model \| Arbeitsuche \| Job search \| Informationskosten \| Information costs

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Extent:	Online-Ressource (22 p)
Series:	IMF Working Papers IMF working paper ; WP/09/49
Type of publication:	Book / Working Paper
Language:	English
Notes:	Description based upon print version of record Contents; I. Introduction; Figures; 1. Estimated Real Exchange Rate Misalignment; II. Purchasing Power Parity (PPP) Approach; 2. Armenian Price Level Relative to U.S. Price Level; 3. Relative Price Levels and Relative Incomes; 4. PPP Approach Equilibrium and Atual Real Exchanges; 5. PPP Approach: Real Exchange Rate Misalignment; III. Behavioral Equilibrium Real Exchange Rate (BEER) Approach; A. Productivity measures; B. Other equilibrium exchange rate determinants; C. Results; Tables; 1. BEER Approach: Augmented Dickey-Fuller Test Results; 2. BEER Approach: Estimated Cointegrating Vector IV. External Sustainability (ES) Approach6. BEER Approach: Equilibrium and Actual REER; 7. BEER Approach: Real Exchange Rate Misalignment; 8. ES Approach: Real Exchange Rate Misalignment; V. Conclusion; 9. Estimated Real Exchange Rate Misalignment; References
ISBN:	978-1-4518-7197-5 ; 978-1-4519-1632-4 ; 978-1-4518-7197-5
Source:	ECONIS - Online Catalogue of the ZBW

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