Fundamental equilibrium exchange rates for the G7
R Barrell, S Wren-Lewis - 1989 - ideas.repec.org
1989•ideas.repec.org
The Fundamental Equilibrium Exchange Rate (FEER) is the real exchange rate which
produces a current account that is exactly matched by equilibrium medium-term capital
flows. This paper sets out a small model to calculate FEERs for the G7 from 1971 to 1988.
This model's parameters are either directly estimated or derived from the long-run properties
of a larger world econometric model, GEM. Particular attention is paid to feedbacks from the
FEER to the NAIRU, and interactions between world output, trade and commodity prices.
produces a current account that is exactly matched by equilibrium medium-term capital
flows. This paper sets out a small model to calculate FEERs for the G7 from 1971 to 1988.
This model's parameters are either directly estimated or derived from the long-run properties
of a larger world econometric model, GEM. Particular attention is paid to feedbacks from the
FEER to the NAIRU, and interactions between world output, trade and commodity prices.
The Fundamental Equilibrium Exchange Rate (FEER) is the real exchange rate which produces a current account that is exactly matched by equilibrium medium-term capital flows. This paper sets out a small model to calculate FEERs for the G7 from 1971 to 1988. This model's parameters are either directly estimated or derived from the long-run properties of a larger world econometric model, GEM. Particular attention is paid to feedbacks from the FEER to the NAIRU, and interactions between world output, trade and commodity prices.
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