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Fundamental Equilibrium Exchange Rates for the G7.

Abstract:
The Fundamental Equilibrium Exchange Rate (FEER) is the real exchange rate which produces a current account that is exactly matched by equilibrium medium-term capital flows. This paper sets out a small model to calculate FEERs for the G7 from 1971 to 1988. This model's parameters are either directly estimated or derived from the long-run properties of a larger world econometric model, GEM. Particular attention is paid to feedbacks from the FEER to the NAIRU, and interactions between world output, trade and commodity prices.

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Publisher:
CEPR
Host title:
C.E.P.R.Discussion Papers
Series:
C.E.P.R.Discussion Papers
Volume:
323
Publication date:
1989-01-01
Paper number:
323
Language:
English
UUID:
uuid:8b06b0f1-e172-4686-a9a2-3e7deefae279
Local pid:
oai:economics.ouls.ox.ac.uk:11674
Deposit date:
2011-08-16

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