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Dimension temporelle et taux de change d'équilibre. Une application au cas des États-Unis


  • Antonia López-Villavicencio
  • Jacques Mazier
  • Jamel Saadaoui


In a unified theoretical framework introduced by López-Villavicencio et al. [2012], we analyze the two main models of equilibrium exchange rate, namely, the fundamental equilibrium exchange rate (feer) and the behavioral equilibrium exchange rate (beer). To understand the interactions between these two measures, we study in detail the temporal dimension. The case of the United States will illustrate our analysis that highlights the structural changes in competitiveness, the dynamics of net external positions and valuation effects in explaining the divergences. Classification JEL : F31, F32, C23

Suggested Citation

  • Antonia López-Villavicencio & Jacques Mazier & Jamel Saadaoui, 2012. "Dimension temporelle et taux de change d'équilibre. Une application au cas des États-Unis," Revue économique, Presses de Sciences-Po, vol. 63(3), pages 535-544.
  • Handle: RePEc:cai:recosp:reco_633_0535

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    References listed on IDEAS

    1. Albert Bollard & David McKenzie & Melanie Morten & Hillel Rapoport, 2011. "Remittances and the Brain Drain Revisited: The Microdata Show That More Educated Migrants Remit More," World Bank Economic Review, World Bank Group, vol. 25(1), pages 132-156, May.
    2. Yoko Niimi & Thai Hung Pham & Barry Reilly, 2009. "Determinants of Remittances: Recent Evidence Using Data on Internal Migrants in Vietnam," Asian Economic Journal, East Asian Economic Association, vol. 23(1), pages 19-39, March.
    3. repec:dau:papers:123456789/5545 is not listed on IDEAS
    4. Van Hear, Nicholas & Brubaker, Rebecca & Bessa, Thais, 2009. "Managing mobility for human development: the growing salience of mixed migration," MPRA Paper 19202, University Library of Munich, Germany.
    5. Lucas, Robert E B & Stark, Oded, 1985. "Motivations to Remit: Evidence from Botswana," Journal of Political Economy, University of Chicago Press, vol. 93(5), pages 901-918, October.
    6. Nicholas Van Hear & Rebecca Brubaker & Thais Bessa, 2009. "Managing Mobility for Human Development: The Growing Salience of Mixed Migration," Human Development Research Papers (2009 to present) HDRP-2009-20, Human Development Report Office (HDRO), United Nations Development Programme (UNDP), revised Apr 2009.
    7. Luis Miotti & El Mouhoub Mouhoud & Joel Oudinet, 2010. "Determinants and Uses of Remittances to Southern and Eastern Mediterranean Countries: Insights from a New Survey," Development Working Papers 288, Centro Studi Luca d'Agliano, University of Milano, revised 30 Apr 2010.
    8. Alfonso Miranda & Sophia Rabe-Hesketh, 2006. "Maximum likelihood estimation of endogenous switching and sample selection models for binary, ordinal, and count variables," Stata Journal, StataCorp LP, vol. 6(3), pages 285-308, September.
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    Cited by:

    1. Vincent Duwicquet & Jacques Mazier & Jamel Saadaoui, 2012. "Exchange Rate Misalignments, Fiscal Federalism and Redistribution: How to Adjust in a Monetary Union," Post-Print halshs-00848886, HAL.
    2. Saadaoui, Jamel, 2012. "Déséquilibres globaux, taux de change d’équilibre et modélisation stock-flux cohérente
      [Global Imbalances, Equilibrium Exchange Rates and Stock-Flow Consistent Modelling]
      ," MPRA Paper 51332, University Library of Munich, Germany.
    3. Vincent Duwicquet & Jacques Mazier & Jamel Saadaoui, 2013. "Désajustements de change, fédéralisme budgétaire et redistribution. Comment s'ajuster en union monétaire," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 57-96.

    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models


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