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Estimating Iceland's Real Equilibrium Exchange Rate

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  • Robert Tchaidze
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    Abstract

    Given recent developments in Iceland, this paper evaluates its real exchange rate disequilibrium. It discusses three approaches to estimating the equilibrium values and suggests that the adjustment needed to bring the real exchange rate in line with fundamentals is in the range of 15-25 percent, although timing and manner of this adjustment is unclear.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=21466
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/276.

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    Length: 17
    Date of creation: 01 Dec 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/276

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    Related research

    Keywords: Real effective exchange rates; Trade; current account; exchange rate; real exchange rate; current account deficit; external debt; external borrowing; central bank; real effective exchange rate; effective exchange rate; nominal exchange rate; budget balance; current accounts; current account balance; real exchange rate disequilibrium; exchange rates; external indebtedness; equilibrium exchange rate; current account deficits; effective exchange rates; exchange rate depreciation; exchange rate regime; debtor country; real exchange rate depreciation; external liabilities; domestic currency; net debt;

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    Cited by:
    1. Ásgeir Daníelsson, 2009. "QMM. A steady state version," Economics, Department of Economics, Central bank of Iceland wp44, Department of Economics, Central bank of Iceland.

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