Format:
Online-Ressource (53 p)
Edition:
Online-Ausg.
ISBN:
1451921675
,
9781451921670
Series Statement:
IMF Working Papers Working Paper No. 97/21
Content:
This paper presents a reduced-form model of the real exchange rate. Using multilateral cointegration methods, the model is implemented for the real effective exchange rates of the dollar, the mark, and the yen, over the period 1974-1993. In contrast to much other research using real exchange rates, there is evidence of significant and sensible long-run relationships for a simplified version as well as for the full version of the model. The estimated long-run relationships are used to produce dynamic equations, which outperform a random walk and produce sensible dynamic patterns in the context of an impulse response analysis
Additional Edition:
Erscheint auch als Druck-Ausgabe MacDonald, Ronald What Determines Real Exchange Rates? The Long and Short of it Washington, D.C. : International Monetary Fund, 1997 ISBN 9781451921670
Language:
English
DOI:
10.5089/9781451921670.001
