The equilibrium real exchange rate in a commodity exporting country: The case of Russia
N Spatafora, E Stavrev - 2003 - papers.ssrn.com
N Spatafora, E Stavrev
2003•papers.ssrn.comQuestions about external competitiveness, exchange rate misalignment, and the appropriate
exchange rate policy feature prominently in the Russian policy debate. This paper furthers
the debate by estimating empirically Russia's equilibrium real exchange rate (ERER)-that is,
the rate consistent with the long-run economic fundamentals-and sheds light on the extent to
which exchange rate policy should be changed.
exchange rate policy feature prominently in the Russian policy debate. This paper furthers
the debate by estimating empirically Russia's equilibrium real exchange rate (ERER)-that is,
the rate consistent with the long-run economic fundamentals-and sheds light on the extent to
which exchange rate policy should be changed.
Abstract
Questions about external competitiveness, exchange rate misalignment, and the appropriate exchange rate policy feature prominently in the Russian policy debate. This paper furthers the debate by estimating empirically Russia's equilibrium real exchange rate (ERER)-that is, the rate consistent with the long-run economic fundamentals-and sheds light on the extent to which exchange rate policy should be changed.
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