The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric Approximation

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To determine the deviation of the real exchange rate (RER) with respect to some equilibrium level is of great importance for economic policy. However, the measurement of the RER as well as the determination of its equilibrium level are controversial matters. In this work we present the two main appr...

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Autores principales: Carrera, Jorge Eduardo, Féliz, Mariano, Panigo, Demian
Formato: Documento de conferencia publishedVersion
Lenguaje:Inglés
Publicado: 1999
Materias:
Economía
Acceso en línea:https://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10585/ev.10585.pdf
Aporte de:
Memoria Académica - FaHCE (UNLP) de Universidad Nacional de La Plata
id I19-R125-Jev10585
record_format dspace
institution Universidad Nacional de La Plata
institution_str I-19
repository_str R-125
collection Memoria Académica - FaHCE (UNLP)
language Inglés
orig_language_str_mv eng
topic Economía
spellingShingle Economía
Carrera, Jorge Eduardo
Féliz, Mariano
Panigo, Demian
The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric Approximation
topic_facet Economía
description To determine the deviation of the real exchange rate (RER) with respect to some equilibrium level is of great importance for economic policy. However, the measurement of the RER as well as the determination of its equilibrium level are controversial matters. In this work we present the two main approaches in the literature of the Equilibrium Exchange Rate: the Purchasing Power Parity hypothesis and the theory of the "fundamentals". In this paper, we propose a VECM methodology for the determination of the equilibrium RER in the framework of the "fundamentals" approach. Then, we suggest a methodology (a "rolling" VECM estimation) to check the stability of the parameters that at the same time improves on the VECM estimation. Finally, we suggest proposals to improve the theory of "fundamentals" giving greater weight to the dis-equilibriums in the labor market
format Documento de conferencia
Documento de conferencia
publishedVersion
author Carrera, Jorge Eduardo
Féliz, Mariano
Panigo, Demian
author_facet Carrera, Jorge Eduardo
Féliz, Mariano
Panigo, Demian
author_sort Carrera, Jorge Eduardo
title The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric Approximation
title_short The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric Approximation
title_full The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric Approximation
title_fullStr The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric Approximation
title_full_unstemmed The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric Approximation
title_sort meassurement of the equilibrium real exchange rate. a new econometric approximation
publishDate 1999
url https://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10585/ev.10585.pdf
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