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Exchange Rates and Economic Fundamentals
Mr. Ronald MacDonaldMr. Peter B. Clark
其他書名
A Methodological Comparison of Beers and Feers
出版International Monetary Fund, 1998-05-01
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Economics / GeneralBusiness & Economics / International / Economics
ISBN14518954029781451895407
URLhttp://books.google.com.hk/books?id=R-yTFxJWda0C&hl=&source=gbs_api
註釋This paper compares two approaches for examining the extent to which a country’s actual real effective exchange rate is consistent with economic fundamentals: the FEER approach, which involves calculating the real exchange rate that equates the current account at full employment with sustainable net capital flows, and the BEER approach, which uses econometric methods to establish a behavioral link between the real rate and relevant economic variables. An exchange rate model is estimated for the G-3 currencies to provide illustrative comparisons of BEERs and FEERs.