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Exogeneity In A Recent Exchange Rate Model: A Response To Macdonald And Ricci

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  • STAN A DU PLESSIS

Abstract

MacDonald and Ricci (2004) recently proposed an econometric model for the real effective exchange rate of the Rand. However, the real exchange rate is weakly exogenous in their model, implying that feedback to disequilibria in their model does not occur significantly via the exchange rate. Though MacDonald and Ricci (2004) have estimated an equilibrium relationship to which the real exchange rate contributes, their model does not qualify as a model for the real effective exchange rate of the Rand.

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  • Stan A Du Plessis, 2005. "Exogeneity In A Recent Exchange Rate Model: A Response To Macdonald And Ricci," South African Journal of Economics, Economic Society of South Africa, vol. 73(4), pages 741-746, December.
    • Handle: RePEc:bla:sajeco:v:73:y:2005:i:4:p:741-746
    DOI: 10.1111/j.1813-6982.2005.00050.x
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    1. Hendry,David F. & Morgan,Mary S., 1997. "The Foundations of Econometric Analysis," Cambridge Books, Cambridge University Press, number 9780521588706, June.
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    Cited by:

    1. Ken Miyajima, 2009. "Namibia'S Real Exchange Rate Performance1," South African Journal of Economics, Economic Society of South Africa, vol. 77(2), pages 228-244, June.
    2. Michael Takudzwa Pasara & Vincent Mugwira, 2023. "Exchange Rate (MIS-) Alignment: An Application of the Behavioural Equilibrium Exchange Rate (beer) Approach to Zimbabwe (1990-2018)," International Journal of Economics and Financial Issues, Econjournals, vol. 13(5), pages 128-141, September.

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