Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/76051
Authors: 
Camarero, Mariam
Ordóñez, Javier
Tamarit, Cecilio
Year of Publication: 
2002
Series/Report no.: 
CESifo Working Paper 798
Abstract: 
In this paper we have applied two approaches to the study of the dollar real exchange rate in relation with the Euro-area currencies. First, using dynamic panel techniques, we estimate an error correction model for the dollar real exchange rate versus seven developed countries, four of them Euro-area members. Second, we aggregate the European variables and estimate a model for the Euro-dollar real exchange rate using time series techniques. After identification and model selection, the same specification can be adopted in the two cases, in an eclectic model including real interest rate and productivity differentials, together with relative fiscal policy and net foreign asset positions. This model turns out to be compatible with the very recent results obtained in the context of the New Open Macroeconomics literature.
Subjects: 
real exchange rate
cointegration
time-series
panel
dollar
Euro-zone
Document Type: 
Working Paper

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