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Are Our FEERs Justified?

Abstract:

The Fundamental Equilibrium Exchange Rate (FEER) method of calculating an equilibrium real exchange rate is the most widely used alternative to PPP. This paper presents the first comprehensive historical test of FEER calculations for six major economies, using estimates for the last twenty years. We focus on unit root and cointegration techniques both at the individual country level and jointly using panel based estimation. Specifically, we test whether real exchange rates cointegrate with ti...

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Publisher:
School of Business and Economics (University of Exeter)
Series:
Discussion Papers
Publication date:
2000-01-01
Language:
English
UUID:
uuid:6a76e273-1482-473f-a3d6-47860b663d4d
Local pid:
oai:economics.ouls.ox.ac.uk:12108
Deposit date:
2011-08-16

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