Determination of the real exchange rate of rouble and assessment of long-rum policy of real exchange rate targeting

Autor:	Sossounov, Kirill, Ushakov, Nikolay
Rok vydání:	2009
Předmět:	macroeconomics real exchange rate Russia jel:C51 jel:E00
Popis:	The equilibrium real exchange rate of Russian ruble is estimated for the period from the beginning of 1995 to the beginning of 2008. According to the methodological approach proposed by Edwards (1988) the equilibrium real exchange rate is a function of a set of fundamental variables (so-called “reduced form equation”). In order to estimate an equilibrium real exchange rate a set of fundamentals was selected: terms of trade, productivity differential, fiscal policy variable. Estimation was performed in a cointegrated VAR framework using the Johansen cointegration test. The speed of adjustment of the actual real exchange rate to the equilibrium real exchange rate as well as the influence of monetary policy and private capital flows on the short-run dynamics of real exchange rate is explored.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=od_______645::3cf107c83771e35eebc512c9fe2c810b https://mpra.ub.uni-muenchen.de/18549/1/MPRA_paper_18549.pdf Zobrazit plný text záznamu