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The behavioural zloty/euro equilibrium exchange rate

Be̜za-Bojanowska, Joanna; MacDonald, Ronald - 2009

Poland is obligated to adopt the euro after the fulfilment, inter alia, of the exchange rate criterion which requires … entering the Exchange Rate Mechanism II (ERM II). The European Central Bank recommends that the ERM II central rate should … estimate real Polish zloty/euro equilibrium rate. Although the main goal of our analysis is to compute measures of current and …

Persistent link: https://www.econbiz.de/10003813605

The behavioural zloty/euro equilibrium exchange rate

Beza-Bojanowska, Joanna; MacDonald, Ronald - 2009

Persistent link: https://www.econbiz.de/10010264576

Monetary Policy Independence in the Erm : Was There Any?

Edison, Hali J.; MacDonald, Ronald - 2000

Recently proposals for introducing greater exchange rate fixity into the behavior of key exchange rates have become fashionable. One proposal, for example, suggests that a target zone arrangement for the dollar, mark and yen would represent a desirable reform of the international monetary...

Persistent link: https://www.econbiz.de/10014154077

Exchange Rates and Economic Fundamentals : A Methodological Comparison of Beers and Feers

Clark, Peter B. - 2006

This paper compares two approaches for examining the extent to which a country`s actual real effective exchange rate is consistent with economic fundamentals: the FEER approach, which involves calculating the real exchange rate that equates the current account at full employment with sustainable...

Persistent link: https://www.econbiz.de/10012782295

Filtering the Beer : A Permanent and Transitory Decomposition

Clark, Peter B.; MacDonald, Ronald - 2021

In this paper we extend the BEER (Behavioral Equilibrium Exchange Rate) approach which identifies an estimated equilibrium relationship between the real exchange rate and economic fundamentals. Here the economic fundamentals are decomposed using Johansen cointegration methods into transitory and...

Persistent link: https://www.econbiz.de/10013317844

A re-examination of the link between real exchange rates and real interest rate differentials

Hoffmann, Mathias; MacDonald, Ronald - 2003

The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegrationbased methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...

Persistent link: https://www.econbiz.de/10001753573

A re-examination of the link between real exchange rates and real interest rate differentials

Hoffmann, Mathias; MacDonald, Ronald - 2003

Persistent link: https://www.econbiz.de/10011506475

A Re-Examination of the Link between Real Exchange Rates and Real Interest Rate Differentials

Hoffmann, Mathias; MacDonald, Ronald - 2021

The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegration-based methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...

Persistent link: https://www.econbiz.de/10013320033

An Independent Scotland's Currency Options Redux: Assessing the Costs and Benefits of Currency Choice

MacDonald, Ronald - 2014

Persistent link: https://www.econbiz.de/10010398602

International Parity Relationships Between Germany and the United States: A Joint Modelling Approach

Juselius, Katarina; MacDonald, Ronald - Økonomisk Institut, Københavns Universitet - 2003

This paper examines the interrelations between purchasing power parity, uncovered interest parity, the term structure of interest rates and the Fisher real interest rate parity using cointegration analysis. Dynamic adjustment and feed-back effects are estimated jointly in a full system of...

Persistent link: https://www.econbiz.de/10005543582