Autori
Belloc, Marianna
Federici, Daniela
Gandolfo, Giancarlo

Titolo
The euro/dollar equilibrium real exchange rate: a continuous time approach
Periodico
Economia politica
Anno: 2008 - Volume: 25 - Fascicolo: 2 - Pagina iniziale: 243 - Pagina finale: 264

This paper analyses and compares different empirical approaches to the euro/dollar real equilibrium exchange rate. We first survey the alternative approaches present in the literature. Then we focus on the NATural Real EXchange rate and discuss the distinction between reduced form equations and structural estimation methods. Finally, we introduce the continuous time approach and illustrate a two-country model which is specified and estimated in continuous time. The simulated euro/dollar real equilibrium level provides a yardstick against which the misalignment of the actual real exchange rate is evaluated.



SICI: 1120-2890(2008)25:2<243:TEERER>2.0.ZU;2-Y
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