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Exchange rate misalignment: The case of the Chinese Renminbi
Cheung, Yin-Wong - 2012
. The results derived from the fundamental equilibrium exchange rate (FEER) approach and the Penn effect regression are used …
Persistent link: https://www.econbiz.de/10010281925
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Empirical estimation of REER trend for Ukraine
Vdovychenko, Artem - 2021
In this study, we apply BEER and FEER approaches to estimate the REER trend on Ukrainian data. By applying BEER we were … able to identify the long-run factors which explain the dynamics of the REER trend. FEER approach gives us information on …
Persistent link: https://www.econbiz.de/10012606375
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Oil Wealth and Real Exchange Rates: The FEER for Norway
Akram, Q. Farooq - 2004
equilibrium real exchange rate (FEER) approach. It is shown that the strength of the FEER depends on the share of imports that can … be financed by petroleum (based) revenues. Projections of the FEER over a long horizon suggest that the petroleum wealth … period. However, the FEER depreciates steadily over time with growth in imports relative to petroleum revenues and converges …
Persistent link: https://www.econbiz.de/10012143630
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Empirical estimation of REER trend for Ukraine
Vdovychenko, Artem - 2021
In this study, we apply BEER and FEER approaches to estimate the REER trend on Ukrainian data. By applying BEER we were … able to identify the long-run factors which explain the dynamics of the REER trend. FEER approach gives us information on …
Persistent link: https://www.econbiz.de/10012501410
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Towards the estimation of equilibrium exchange rates for CEE acceding countries: methodological issues and a panel cointegration perspective
Maeso-Fernandez, Francisco; Osbat, Chiara; Schnatz, Bernd - 2004
This paper provides a discussion of methodological issues relating to the estimation of the long-run relationship between exchange rates and fundamentals for Central and Eastern European acceding countries, focusing on the so-called behavioural equilibrium exchange rate (BEER) approach. Given...
Persistent link: https://www.econbiz.de/10011604399
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Methodological advances in the assessment of equilibrium exchange rates
Bussière, Matthieu; Ca' Zorzi, Michele; Chudik, Alexander - 2010
This paper reviews three different concepts of equilibrium exchange rates that are widely used in policy analysis and constitute the backbone of the IMF CGER assessment: the Macroeconomic Balance, the External Sustainability and the reduced form approaches. We raise a number of econometric...
Persistent link: https://www.econbiz.de/10011605197
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A consistent set of multilateral productivity approach-based indicators of price competitiveness
Fischer, Christoph; Hossfeld, Oliver - 2014
We propose a novel, multilaterally consistent productivity approach-based indicator to assess the international price competitiveness of 57 industrialized and emerging economies. It is designed to be a useful assessment tool for monetary policy authorities and, thereby, differs from previously...
Persistent link: https://www.econbiz.de/10011605751
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Exchange rate predictability and state-of-the-art models
Yeșin, Pınar - 2016
This paper empirically evaluates the predictive performance of the International Monetary Fund's (IMF) exchange rate assessments with respect to future exchange rate movements. The assessments of real trade-weighted exchange rates were conducted from 2006 to 2011, and were based on three...
Persistent link: https://www.econbiz.de/10011629987
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Concepts to Calculate Equilibrium Exchange Rates: An Overview
MacDonald, Ronald - 2000
In this paper we present a critical overview of differnt methods of constructing an equilibrium exchange rate. The recent literature on purchasing power parity (PPP) indicates that on its own PPP is not a good vehicle for defining an equilibrium exchange rate. Rather, we argue that the latter...
Persistent link: https://www.econbiz.de/10010295691
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A real differential view of equilibrium real exchange rates and misalignments
Hoffmann, Mathias; MacDonald, Ronald - 2000
This paper examines the interaction of G7 real exchange rates with real output and interest rate differentials. Using cointegration methods, we generally find a link between the real exchange rate and the real interest differential. This finding contrasts with the majority of the extant research...
Persistent link: https://www.econbiz.de/10010317405