On the Complementarity of Equilibrium Exchange-Rate Approaches

被引：19

作者：

Benassy-Quere, Agnes ^{[1
]}

Bereau, Sophie ^{[2
]}

Mignon, Valerie ^{[1
,2
]}

机构：

[1] CEPII, F-75015 Paris, France

[2] Univ Paris Ouest, Econ CNRS, F-92001 Nanterre, France

来源：

REVIEW OF INTERNATIONAL ECONOMICS | 2010年 / 18卷 / 04期

关键词：

PURCHASING POWER PARITY;

D O I：

10.1111/j.1467-9396.2010.00900.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Based on a simple, stock-flow adjustment framework, we show that existing concepts of equilibrium exchange rates can be viewed as realizations of the same model at different time horizons. We then compare fundamental and behavioral estimations of equilibrium exchange rates based on the same, econometric modeling of the net foreign asset position in the long run, for a panel of 15 countries over the 1980-2005 period. These estimations suggest that, although more robust to alternative assumptions, the BEER approach may rely on excessive confidence on past behaviors in terms of portfolio choices. Symmetrically, FEERs may underestimate the plasticity of international capital markets because they focus on the adjustment of the trade balance.

引用

页码：618 / 632

页数：15