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Equilibrium Real Exchange Rates

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  • Wright, Stephen

Abstract

This paper analyzes the role of the real exchange rate in macroeconomic equilibrium. The supply-side equilibrium exchange rate, that level of the real exchange rate at which (relative) inflation is constant, is derived from a simple macro-model and related to the standard "NAIRU" model. The stabilizing role of monetary policy in adjustment towards the supply-side equilibrium exchange rate is analyzed both before and after entry to the exchange rate mechanism of the European Monetar System. Resolution of the conflict between supply-side and external equilibrium produces a stricter definition of the fundamental equilibrium exchange rate of J. Williamson. Copyright 1992 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Wright, Stephen, 1992. "Equilibrium Real Exchange Rates," The Manchester School of Economic & Social Studies, University of Manchester, vol. 60(0), pages 63-84, Supplemen.
  • Handle: RePEc:bla:manch2:v:60:y:1992:i:0:p:63-84
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    Cited by:

    1. Bardsen, Gunnar & Eitrheim, Oyvind & Jansen, Eilev S. & Nymoen, Ragnar, 2005. "The Econometrics of Macroeconomic Modelling," OUP Catalogue, Oxford University Press, number 9780199246502.
    2. Dag Kolsrud & Ragnar Nymoen, 2012. "Modelling the heuristic dynamics of the wage and price curve model of equilibrium unemployment," Discussion Papers 671, Statistics Norway, Research Department.
    3. Gabriel Sterne & Tamim Bayoumi, 1993. "Regional Trading Blocs, Mobile Capital and Exchange Rate Co-ordination," Bank of England working papers 12, Bank of England.

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