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An Estimation of Target Effective Exchange Rates: The Case of the U.S

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  • Nicholas Apergis

Abstract

This paper derives optimal effective exchange rates, via loss-function minimization, for the US economy. The results attract considerable research interest; although it is generally believed that policy makers intervene only in infrequent emergency occasions in the foreign exchange market, this paper shows that the contrary is true; the US foreign exchange market is characterized by frequent central bank intervention.

Suggested Citation

  • Nicholas Apergis, 1992. "An Estimation of Target Effective Exchange Rates: The Case of the U.S," The American Economist, Sage Publications, vol. 36(1), pages 22-28, March.
    • Handle: RePEc:sae:amerec:v:36:y:1992:i:1:p:22-28
    DOI: 10.1177/056943459203600105
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    References listed on IDEAS

    as
    1. Elliott, J Walter, 1977. "Measuring the Expected Real Rate of Interest: An Exploration of Macroeconomic Alternatives," American Economic Review, American Economic Association, vol. 67(3), pages 429-444, June.
    2. Kennan, John, 1979. "The Estimation of Partial Adjustment Models with Rational Expectations," Econometrica, Econometric Society, vol. 47(6), pages 1441-1455, November.
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