We assess the evolution of real exchange rate misalignments within the euro area from a Fundamental Equilibrium Exchange Rate (FEER) approach. We test the robustness of the results by comparing three different estimations of the output gap. Whatever the output gap assumption, Southern countries...

Most studies on equilibrium exchange rates focus on a limited number of G7 countries. But in a situation of world imbalances, emerging countries can no longer be excluded. The study of all equilibrium exchange rates is delicate. First, the trade model has to be balanced at the aggregate level....

This paper aims at investigating the interactions between three key macroeconomic imbalances, namely Global imbalances,current-account discrepancies (external imbalances), output gaps (internal imbalances), and exchange-rate misalignments. To this end, we rely on the estimation of a panel VAR...

This paper aims at studying current-account imbalances by paying a particular attention to exchange-rate misalignments. We rely on a nonlinear model linking the persistence of current account imbalances to the deviation of the exchange rate to its equilibrium value. Estimating a panel smooth...

MIRAGE-D is a version of MIRAGE which has been modified to take into account the implications of international trade on countries’ international investment positions (IIPs). Each country or group of countries is represented in the model by a single economic agent, who distributes its wealth...

Les marches derives ont connu une tres forte expansion ces dernieres annees. Une large variete d'options et de futures sont quotidiennement echanges sur indices boursiers, taux d'interet, obligations et devises. Ces marches, en traitant l'information disponible plus rapidement que les marches au...

In a fixed exchange-rate regime, monetary policy is not devoted to internal equilibrium, such that the Taylor principle is no more the condition to insure the determinacy of the dynamic. Monetary policy is in charge of stabilizing the fixed-exchange rate regime in the long run, i.e. to avoid an...