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Extending the Reserve Bank’s macroeconomic balance model of the exchange rate

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Abstract

The exchange rate matters a lot in New Zealand and the Reserve Bank uses several different models, each imprecise, to analyse it. This note focuses on just one of those approaches: the macro-balance model of the exchange rate. We use that model to estimate the exchange rate which, if sustained, would stabilise at around current levels the negative net international investment position (as a percentage of GDP). The sensitivity of the model estimates to some of the key assumptions is illustrated.

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File URL: http://www.rbnz.govt.nz/research_and_publications/analytical_notes/2012/an2012_08.pdf
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Bibliographic Info

Paper provided by Reserve Bank of New Zealand in its series Reserve Bank of New Zealand Analytical Notes series with number AN2012/08.

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Length: 17 p.
Date of creation: Oct 2012
Date of revision:
Handle: RePEc:nzb:nzbans:2012/08

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  1. Jaewoo Lee & Jonathan David Ostry & Alessandro Prati & Luca Antonio Ricci & Gian-Maria Milesi-Ferretti, 2008. "Exchange Rate Assessments," IMF Occasional Papers 261, International Monetary Fund.
  2. G. Russell Kincaid & Martin Fetherston & Peter Isard & Hamid Faruqee, 2001. "Methodology for Current Account and Exchange Rate Assessments," IMF Occasional Papers 209, International Monetary Fund.
  3. Hali J. Edison & Francis Vitek, 2009. "Australia and New Zealand Exchange Rates," IMF Working Papers 09/7, International Monetary Fund.
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Cited by:
  1. Hakan KARA & Çağrı SARIKAYA, 2013. "Türkiye’de Konjonktürel Etkilerden Arındırılmış Cari İşlemler Dengesi," Iktisat Isletme ve Finans, Bilgesel Yayincilik, vol. 28(332), pages 09-32.
  2. Willy Chetwin & Tim Ng & Daan Steenkamp, 2013. "New Zealand’s short- and medium-term real exchange rate volatility: drivers and policy implications," Reserve Bank of New Zealand Analytical Notes series AN2013/03, Reserve Bank of New Zealand.

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