Title What determines real exchange rates? : the long and short of it / prepared by Ronald MacDonald

Published [Washington, D.C.] : International Monetary Fund, Research Dept., ©1997

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Description 1 online resource (53 pages) : illustrations Series IMF working paper, 2227-8885 ; WP/97/21 IMF working paper ; WP/97/21. Summary Annotation 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 Bibliography Includes bibliographical references (pages 48-53) Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL English digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Foreign exchange rates -- Econometric models Prices -- Econometric models Dollar, American -- Econometric models Money -- Germany -- Econometric models Money -- Japan -- Econometric models Dollar, American -- Econometric models Foreign exchange rates -- Econometric models Money -- Econometric models Prices -- Econometric models FOREIGN EXCHANGE RATES. Germany Japan Form Electronic book Author International Monetary Fund. Research Department. ISBN 1283562472 9781283562478 1451891709 9781451891706 1462339999 9781462339990 1452797722 9781452797724 9786613874924 6613874922 9781451921670 1451921675

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