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Euro, dollar, yen. Pour une approche multilatérale des taux de change d'équilibre

Author

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  • Didier Borowski
  • Cécile Couharde

Abstract

[fre] L'objectif de cet article est d'estimer des taux de change d'équilibre des trois monnaies qui constituent le nouveau socle du SMI : l'euro, le dollar et le yen. Sur le plan théorique, notre analyse s'inscrit dans le cadre de l'approche dite de « l'équilibre macroéconomique » développée par le FMI et l'Institute for International Economics. Sur le plan empirique, les taux de change d'équilibre estimés résultent d'une approche de statique comparative qui repose sur les équations du bloc d'échanges mondiaux du modèle multinational Nigem. La nouveauté réside dans la présentation des sensibilités des taux de change d'équilibre aux écarts des balances courantes structurelles à leur cible. [eng] The equilibrium exchange rates of the euro, the dollar and the yen. . The purpose of this article is to estimate equilibrium exchange rates for the euro, the dollar and the yen. Theoretically speaking, our analysis is based on the "macroeconomic balance" approach developed by the IMF and the Institute for International Economics. Empirically speaking, the equilibrium exchange rates are estimated using a comparative static approach based on the foreign trade equations in the Nigem multicountry model. The emphasis is on the analysis of the sensitivities of equilibrium exchange rates to deviations in the underlying current accounts from their targets.

Suggested Citation

  • Didier Borowski & Cécile Couharde, 2000. "Euro, dollar, yen. Pour une approche multilatérale des taux de change d'équilibre," Revue Économique, Programme National Persée, vol. 51(3), pages 671-681.
  • Handle: RePEc:prs:reveco:reco_0035-2764_2000_num_51_3_410545
    Note: DOI:10.3406/reco.2000.410545
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    Cited by:

    1. Carton, Benjamin & Hervé, Karine, 2012. "Estimation of consistent multi-country FEERs," Economic Modelling, Elsevier, vol. 29(4), pages 1205-1214.
    2. Balazs Egert & Amina Lahrèche-Revil, 2003. "Estimating the Fundamental Equilibrium Exchange Rate of Central and Eastern European Countries; The EMU Enlargement Perspective," Working Papers 2003-05, CEPII research center.

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