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

Autores
Carrera, Jorge Eduardo; Féliz, Mariano; Panigo, Demian
Año de publicación
1999
Idioma
inglés
Tipo de recurso
documento de conferencia
Estado
versión publicada
Descripción
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
Fil: Féliz, Mariano. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.
Fil: Panigo, Demian. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.
Fil: Carrera, Jorge Eduardo. CACES -Universidad de Buenos Aires, Universidad Nacional de La Plata.
Fuente
XXI Encontro Brasileiro de Econometria; 1999
Materia
Economía
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-nd/4.0/
Repositorio
Memoria Académica (UNLP-FAHCE)
Institución
Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación
OAI Identificador
oai:memoria.fahce.unlp.edu.ar:snrd:Jev10585
Acceder
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repository_id_str 1341
network_name_str Memoria Académica (UNLP-FAHCE)
spelling The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric ApproximationCarrera, Jorge EduardoFéliz, MarianoPanigo, DemianEconomíaTo 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 marketFil: Féliz, Mariano. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.Fil: Panigo, Demian. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.Fil: Carrera, Jorge Eduardo. CACES -Universidad de Buenos Aires, Universidad Nacional de La Plata.1999info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttps://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10585/ev.10585.pdfXXI Encontro Brasileiro de Econometria; 1999reponame:Memoria Académica (UNLP-FAHCE)instname:Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educacióninstacron:UNLPenginfo:eu-repo/semantics/altIdentifier/hdl/10915/111366info:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-nd/4.0/2025-09-29T11:55:14Zoai:memoria.fahce.unlp.edu.ar:snrd:Jev10585Institucionalhttps://www.memoria.fahce.unlp.edu.ar/Universidad públicahttps://www.fahce.unlp.edu.ar/https://www.memoria.fahce.unlp.edu.ar/oaiserver.cgimemoria@fahce.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13412025-09-29 11:55:15.033Memoria Académica (UNLP-FAHCE) - Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educaciónfalse
dc.title.none.fl_str_mv The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric Approximation
title The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric Approximation
spellingShingle The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric Approximation
Carrera, Jorge Eduardo
Economía
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 The Meassurement of the Equilibrium Real Exchange Rate. A New Econometric Approximation
dc.creator.none.fl_str_mv Carrera, Jorge Eduardo
Féliz, Mariano
Panigo, Demian
author Carrera, Jorge Eduardo
author_facet Carrera, Jorge Eduardo
Féliz, Mariano
Panigo, Demian
author_role author
author2 Féliz, Mariano
Panigo, Demian
author2_role author
author
dc.subject.none.fl_str_mv Economía
topic Economía
dc.description.none.fl_txt_mv 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
Fil: Féliz, Mariano. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.
Fil: Panigo, Demian. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.
Fil: Carrera, Jorge Eduardo. CACES -Universidad de Buenos Aires, Universidad Nacional de La Plata.
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
publishDate 1999
dc.date.none.fl_str_mv 1999
dc.type.none.fl_str_mv info:eu-repo/semantics/conferenceObject
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_5794
info:ar-repo/semantics/documentoDeConferencia
format conferenceObject
status_str publishedVersion
dc.identifier.none.fl_str_mv https://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10585/ev.10585.pdf
url https://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10585/ev.10585.pdf
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/hdl/10915/111366
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-nd/4.0/
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv XXI Encontro Brasileiro de Econometria; 1999
reponame:Memoria Académica (UNLP-FAHCE)
instname:Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación
instacron:UNLP
reponame_str Memoria Académica (UNLP-FAHCE)
collection Memoria Académica (UNLP-FAHCE)
instname_str Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación
instacron_str UNLP
institution UNLP
repository.name.fl_str_mv Memoria Académica (UNLP-FAHCE) - Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación
repository.mail.fl_str_mv memoria@fahce.unlp.edu.ar
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score 13.070432

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