A History of the D–Mark's Real External Value

Autor:	Karlhans Sauernheimer, Christoph Fischer
Rok vydání:	2002
Předmět:	Estimation Variable (computer science) Exchange rate Effective exchange rate Cointegration Equilibrium time Currency Value (economics) Econometrics Economics General Economics Econometrics and Finance
Zdroj:	Australian Economic Papers. 41:480-498
ISSN:	1467-8454 0004-900X
DOI:	10.1111/1467-8454.00176
Popis:	An equilibrium time path of the real effective exchange rate of Germany's currency in the post Bretton Woods period is calculated. For this purpose, a NATREX model for the long–run determination of this specific variable is developed. A cointegration analysis gives evidence in favour of the model and provides the equilibrium values. The theoretical and empirical results are used to analyse in detail movements in the real exchange rate of the D–Mark. Estimation results suggest, among other things, that the D–Mark has mostly been overvalued and that it often adjusted with some delay to changes in the fundamentals.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::8266a5ba8fa11e51645aef58860443d2 https://doi.org/10.1111/1467-8454.00176 Zobrazit plný text záznamu Plný text ve formátu PDF