English, Article, Journal or magazine article edition: World Consistent Equilibrium Exchange Rates Agnes Benassy-Quere; Amina Lahreche-Revil; Valerie Mignon

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Bookmark: http://trove.nla.gov.au/version/159133
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • World Consistent Equilibrium Exchange Rates
Author
  • Agnes Benassy-Quere
  • Amina Lahreche-Revil
  • Valerie Mignon
Physical Description
  • preprint
Notes
  • This paper proposes a systematic analysis of the problem of world consistency when deriving equilibrium exchange rates. World inconsistency can arise for two reasons. First, real effective misalignments of currencies out of the considered sample are implicitly assumed to be the mirror image of those of the currencies under review. Second, only N ? 1 independent bilateral equilibrium exchange rates can be derived from a set of N effective rates. Here we measure the extent of these two problems by estimating equilibrium exchange rates for 15 countries of the G20 in effective as well as bilateral terms and by varying the assumptions concerning the rest of the world and the numeraire currency. Our results show that the way the rest of the world is tackled has a major impact on the calculation of effective misalignments and especially bilateral misalignments.
  • Equilibrium exchange rates; BEER approach; world consistency; models; panel
  • RePEc:cii:cepidt:2006-20
Language
  • English
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