Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264620 
Year of Publication: 
1998
Series/Report no.: 
Working Paper No. 28
Publisher: 
Oesterreichische Nationalbank (OeNB), Vienna
Abstract: 
This paper seeks to provide a comprehensive overview of the recent literature on the economics of real exchange rates. In particular, the paper attempts to provide answers to the following questions: to what extent are real exchange rates mean reverting and how may the degree of observed mean reversion be explained?; do real exchange rates have a business cycle component and, in particular, are they related to real interest differentials?; how important are real, relative to nominal shocks, in driving real exchange rates?; is the systematic component of the real exchange rate related to factors such as productivity, net foreign asset accumulation, national savings imbalances and terms of trade effects?
Subjects: 
Real Exchange Rates
Mean Reversion
JEL: 
F31
E30
Document Type: 
Working Paper

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