Borowski, Didier; Couharde, Cecile - In: Open Economies Review 14 (2003) 2, pp. 169-190
This paper presents an extension of the macroeconomic exchange rate balance approach. This extension comprises two new aspects. Firstly, it is based on a multinational framework which allows for macroeconomic linkages between countries. Secondly, it uses a procedure that does not require a full...