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

Autores
Carrera, Jorge Eduardo; Féliz, Mariano; Panigo, Demian Tupac
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.
Facultad de Humanidades y Ciencias de la Educación
Fuente
Memoria académica
Materia
Economía
real exchange rate
Equilibrium Exchange Rate
Nivel de accesibilidad
acceso abierto
Condiciones de uso
http://creativecommons.org/licenses/by-nc-sa/4.0/
Repositorio
SEDICI (UNLP)
Institución
Universidad Nacional de La Plata
OAI Identificador
oai:sedici.unlp.edu.ar:10915/111366
Acceder
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repository_id_str 1329
network_name_str SEDICI (UNLP)
spelling The Meassurement of the Equilibrium Real Exchange Rate : A New Econometric ApproximationCarrera, Jorge EduardoFéliz, MarianoPanigo, Demian TupacEconomíareal exchange rateEquilibrium Exchange RateTo 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.Facultad de Humanidades y Ciencias de la Educación1999info:eu-repo/semantics/conferenceObjectinfo:eu-repo/semantics/publishedVersionObjeto de conferenciahttp://purl.org/coar/resource_type/c_5794info:ar-repo/semantics/documentoDeConferenciaapplication/pdfhttp://sedici.unlp.edu.ar/handle/10915/111366<a href="http://www.memoria.fahce.unlp.edu.ar" target="_blank">Memoria académica</a>reponame:SEDICI (UNLP)instname:Universidad Nacional de La Platainstacron:UNLPenginfo:eu-repo/semantics/altIdentifier/url/http://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10585/ev.10585.pdfinfo:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by-nc-sa/4.0/Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)2025-09-03T10:57:45Zoai:sedici.unlp.edu.ar:10915/111366Institucionalhttp://sedici.unlp.edu.ar/Universidad públicaNo correspondehttp://sedici.unlp.edu.ar/oai/snrdalira@sedici.unlp.edu.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:13292025-09-03 10:57:45.324SEDICI (UNLP) - Universidad Nacional de La Platafalse
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
real exchange rate
Equilibrium Exchange Rate
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 Tupac
author Carrera, Jorge Eduardo
author_facet Carrera, Jorge Eduardo
Féliz, Mariano
Panigo, Demian Tupac
author_role author
author2 Féliz, Mariano
Panigo, Demian Tupac
author2_role author
author
dc.subject.none.fl_str_mv Economía
real exchange rate
Equilibrium Exchange Rate
topic Economía
real exchange rate
Equilibrium Exchange Rate
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.
Facultad de Humanidades y Ciencias de la Educación
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
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info:ar-repo/semantics/documentoDeConferencia
format conferenceObject
status_str publishedVersion
dc.identifier.none.fl_str_mv http://sedici.unlp.edu.ar/handle/10915/111366
url http://sedici.unlp.edu.ar/handle/10915/111366
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/http://www.memoria.fahce.unlp.edu.ar/trab_eventos/ev.10585/ev.10585.pdf
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
http://creativecommons.org/licenses/by-nc-sa/4.0/
Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-sa/4.0/
Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv <a href="http://www.memoria.fahce.unlp.edu.ar" target="_blank">Memoria académica</a>
reponame:SEDICI (UNLP)
instname:Universidad Nacional de La Plata
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reponame_str SEDICI (UNLP)
collection SEDICI (UNLP)
instname_str Universidad Nacional de La Plata
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repository.name.fl_str_mv SEDICI (UNLP) - Universidad Nacional de La Plata
repository.mail.fl_str_mv alira@sedici.unlp.edu.ar
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