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Estimating Iceland's Real Equilibrium Exchange Rate

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  • Robert Tchaidze

    (International School of Economics at Tbilisi State University)

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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.iset.ge/files/007-08.pdf
    File Function: First version, 2008
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    Bibliographic Info

    Paper provided by International School of Economics at TSU, Tbilisi, Republic of Georgia in its series Working Papers with number 007-08.

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    Length: 17 pages
    Date of creation: Aug 2008
    Date of revision:
    Handle: RePEc:tbs:wpaper:08-007

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    1. Tamim Bayoumi & Jaewoo Lee & Sarma Jayanthi, 2006. "New Rates from New Weights," IMF Staff Papers, Palgrave Macmillan, vol. 53(2), pages 4.
    2. Peter Isard & Hamid Faruqee, 1998. "Exchange Rate Assessment," IMF Occasional Papers 167, International Monetary Fund.
    3. Philip R. Lane & Gian-Maria Milesi-Ferretti, 2006. "The External Wealth of Nations Mark II," IMF Working Papers 06/69, International Monetary Fund.
    4. 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.
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