In this paper, we measure, using Moroccan data, the misalignment of the real exchange rate of the Dirham, based on estimates in respect of the period from 1980 to 2012, a long term relationship between the real exchange rate and its fundamentals: namely terms of trade, trade policy, the growth...

Via an unconditional sensitivity analysis, we wish to check that the variability of the model as a whole is not too important in the event of simultaneous modification of all the parameters. To do this, the Gaussian quadrature method is implemented as developed by Arndt (1996), De Vuyst and...