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Equilibrium Exchange Rates


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  • Peter Isard
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    The paper describes six different methodologies that have been used to assess the equilibrium values of exchange rates and discusses their limitations. It applies several of the approaches to data for the United States as of 2006, illustrates that different approaches sometimes provide substantially different assessments, and asks which methodologies deserve the most weight in such situations. It argues that while it is generally desirable to consider the implications of several different approaches, since different approaches provide different types of perspectives, two of the methodologies seem particularly relevant for identifying threats to macroeconomic stability and growth.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/296.

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    Length: 48
    Date of creation: 01 Dec 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/296

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    Postal: International Monetary Fund, Washington, DC USA
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    Keywords: Exchange rate assessments; Purchasing power parity; Consumer goods; Economic models; exchange rates; exchange rate; real exchange rate; real exchange rates; foreign exchange; current account balance; exchange rate changes; nominal exchange rates; nominal exchange rate; foreign asset; net foreign asset; foreign liabilities; foreign assets; foreign asset position; capital flows; net foreign asset position; net foreign assets; real effective exchange rate; effective exchange rate; exchange rate realignment; fixed exchange rate; foreign exchange reserves; exchange reserves; real effective exchange rates; exchange rate theory; prevailing exchange rates; exchange rate appreciation; international competitiveness; current accounts; exchange rate determination; exchange rate economics; exchange rate movements; forward exchange; effective exchange rates; exchange rate index; exchange rate adjustment; forward exchange rates; real exchange rate movements; fixed exchange rate regime; fixed nominal exchange rate; exchange rate appreciations; prevailing exchange rate; international economic policy; market exchange rates; multilateral exchange rates; exchange rate volatility; international financial statistics; real exchange rate appreciations; exchange rate mechanism; exchange markets; exchange rate regime; exchange rate dynamics; exchange rate change; average real exchange rate; real exchange rate appreciation; multilateral real exchange rate; international finance; fixed exchange rates; average exchange rates; constant real exchange rate; international financial; forward exchange rate; foreign investment; exchange transactions; currency units; exchange rate behavior; foreign exchange markets; trade restrictions; foreign exchange transactions;

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