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150128 ||| eng |
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|a 9781451921670
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| 100 |
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|a MacDonald, Ronald
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| 245 |
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|a What Determines Real Exchange Rates? The Long and Short of it
|c Ronald MacDonald
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1997
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| 300 |
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|a 53 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Short-term Capital Movements
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| 653 |
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|a Financial services
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| 653 |
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|a Foreign exchange
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| 653 |
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|a Monetary economics
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| 653 |
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|a Monetary Systems
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| 653 |
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|a Finance
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| 653 |
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|a Current Account Adjustment
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| 653 |
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|a Exchange rates
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| 653 |
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|a Real effective exchange rates
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| 653 |
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|a Real interest rates
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Currency
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| 653 |
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|a Payment Systems
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Government and the Monetary System
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| 653 |
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|a Real exchange rates
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| 653 |
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|a Currencies
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| 653 |
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|a Money
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| 653 |
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|a Regimes
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Standards
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| 653 |
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|a Interest rates
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451921670.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/1997/021/001.1997.issue-021-en.xml?cid=2127-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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| 520 |
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|a This paper presents a reduced-form model of the real exchange rate. Using multilateral cointegration methods, the model is implemented for the real effective exchange rates of the dollar, the mark, and the yen, over the period 1974-1993. In contrast to much other research using real exchange rates, there is evidence of significant and sensible long-run relationships for a simplified version as well as for the full version of the model. The estimated long-run relationships are used to produce dynamic equations, which outperform a random walk and produce sensible dynamic patterns in the context of an impulse response analysis
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