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Long-run determinants of the Irish real exchange rate

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Author Info

  • Philip Lane
  • Gian Maria Milesi-Ferretti

Abstract

Smooth adjustment to real exchange rate shifts is one of the major challenges facing the Irish economy under EMU. Rather than assume purchasing power parity, the long-run real exchange rate is modelled as time-varying, being determined by relative output levels, the terms of trade and the net foreign asset position. It is shown that these factors account for a large proportion of the long-run movement in the Irish real exchange rate.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/00036840110036729
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 34 (2002)
Issue (Month): 5 ()
Pages: 549-553

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Handle: RePEc:taf:applec:v:34:y:2002:i:5:p:549-553

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Cited by:
  1. Vahagn Galstyan and Philip R. Lane, 2008. "Fiscal Policy and International Competitiveness: Evidence from Ireland," The Institute for International Integration Studies Discussion Paper Series iiisdp274, IIIS.
  2. Derek Bond & Michael J. Harrison & Edward J. O'Brien, 2006. "Purchasing Power Parity: The Irish Experience Re-visited," Trinity Economics Papers tep200615, Trinity College Dublin, Department of Economics.
  3. Francisco de Castro & Daniel Garrote, 2012. "The effects of fiscal shocks on the exchange rate in the EMU and differences with the US," Banco de Espa�a Working Papers 1224, Banco de Espa�a.
  4. Francisco de Castro & Laura Fernández-Caballero, 2011. "The effects of fiscal shocks on the exchange rate in Spain," Banco de Espa�a Working Papers 1121, Banco de Espa�a.
  5. Dong He & Lillian Cheung & Wenlang Zhang & Tommy Wu, 2012. "How would Capital Account Liberalization Affect China's Capital Flows and the Renminbi Real Exchange Rates?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 20(6), pages 29-54, November.
  6. Jorge Eduardo Carrera, 2008. "Tipo de cambio real de equilibrio como variable no observable," Investigación Conjunta - español, Centro de Estudios Monetarios Latinoamericanos, CEMLA, edition 1, volume 1, number 1-09 edited by Centro de Estudios Monetarios Latinoamericanos (CEMLA), July.

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