Terra, Cristina; Valladares, Frederico - Théorie Économique, Modélisation, Application … - 2009
This paper investigates episodes of real exchange rate appreciations and depreciations for a sample of 85 countries, from 1960 to 1998. The equilibrium real exchange rate series are constructed by estimating cointegration vectors with fundamentals, and departures from it are obtained. A Markov...