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II Macroeconomic Balance Approach »
Chapter
Source: Exchange Rate Assessments : CGER Methodologies
Series: Occasional Papers
Author(s): Jaewoo Lee , Jonathan Ostry , Alessandro Prati , Luca Ricci , and Gian Milesi-Ferretti
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 07 April 2008
ISBN: 9781589066380
Keywords: Exchange rates, Exchange rate assessments, current account, exchange rate, current account balance, real exchange rate
The macroeconomic balance approach to exchange rate assessments consists of three steps. First, an equilibrium relationship between current account balances and a set of fundamentals is estimated with panel...
III Equilibrium Real Exchange Rate Approach »
Chapter
Source: Exchange Rate Assessments : CGER Methodologies
Series: Occasional Papers
Author(s): Jaewoo Lee , Jonathan Ostry , Alessandro Prati , Luca Ricci , and Gian Milesi-Ferretti
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 07 April 2008
ISBN: 9781589066380
Keywords: Exchange rates, Exchange rate assessments, current account, exchange rate, current account balance, real exchange rate
The reduced-form equilibrium real exchange rate (ERER) approach to exchange rate assessment consists of three steps. First, panel regression techniques are used to estimate an equilibrium relationship betwee...