English, Article, Journal or magazine article edition: Equilibrium Exchange Rates: a Guidebook for the Euro-Dollar Rate Agnes Benassy-Quere; Sophie Bereau; Valérie Mignon

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Bookmark: http://trove.nla.gov.au/version/159703
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Equilibrium Exchange Rates: a Guidebook for the Euro-Dollar Rate
Author
  • Agnes Benassy-Quere
  • Sophie Bereau
  • Valérie Mignon
Physical Description
  • preprint
Notes
  • In this paper, we investigate different views of equilibrium exchange rates within a single, stock-flow adjustment framework. We then compare FEER and BEER estimations of equilibrium exchange rates based on the same, econometric model of the net foreign asset position, with special focus on the euro-dollar rate. These estimations suggest that, although more robust to alternative assumptions, the BEER approach may rely on excessive confidence on past behaviors in terms of portfolio allocation. Symmetrically, FEERs may underestimate the plasticity of international capital markets because they focus on the adjustment of the trade balance.
  • Equilibrium exchange rates; euro-dollar; FEER; BEER; global imbalances
  • RePEc:cii:cepidt:2008-02
Language
  • English
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