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A Model of the Nominal and Real Exchange Rates in Colombia

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Author Info
Javier Gómez ()
Abstract

Using the Johansen's cointegration techique we develop an empirical model of the nominal and real exchange rates of Colombia. We find that the nominal exchange rate is deremined by the nominal variables and the fundamentals and that the real exchange rate is determined by the fundamentals but neutral to the nominal variables. Changes in the real exchange rates take place through changes in the nominal exchange rate, thus the nominal and the real exchanges are correlated, however, the real exchange rate may not be modified by nominal exchange rate policy because, in the model, the nominal exchange rate of Colombia behaves as if it werw flexible and the nominal anchor were money.

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Paper provided by Banco de la Republica de Colombia in its series Borradores de Economia with number 129.

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Handle: RePEc:bdr:borrec:129

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Related research
Keywords: Exchange rates; Fundamentals; Neutrality;

Find related papers by JEL classification:
F31 - International Economics - - International Finance - - - Foreign Exchange
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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This page was last updated on 2009-12-14.

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