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Autor:innen: 
Erscheinungsjahr: 
2000
Schriftenreihe/Nr.: 
Discussion Paper Series 1 No. 2000,03
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
In this paper we present a critical overview of differnt methods of constructing an equilibrium exchange rate. The recent literature on purchasing power parity (PPP) indicates that on its own PPP is not a good vehicle for defining an equilibrium exchange rate. Rather, we argue that the latter can only be recover from a model in which the real determinants of exchange rates are explicitly modelled. The advantages and disadvantages of various such models are discussed. In particular, the internal-external balance approach to defining an equilibrium real exchange rate is disccused, and this method is compared to the so-called behavioural equilibrium approach. Finally, an approach which uses purely time series methods to construct an equilibrium exchange rate is also discussed.
Schlagwörter: 
Equilibrium Exchange Rates
Purchasing Power Parity
Real Exchange Rate Models
JEL: 
F31
Dokumentart: 
Working Paper

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