The exchange rate macroeconomic balance approach: New methodology and results for the euro, the dollar, the yen and the pound sterling

被引：9

作者：

Borowski, D

Couharde, C

机构：

[1] SG Asset Management, F-92078 Paris, France

[2] Univ Paris 13, UFR Sci Econ, CNRS,UMR 7115, CEPN, F-93430 Villetaneuse, France

来源：

OPEN ECONOMIES REVIEW | 2003年 / 14卷 / 02期

关键词：

equilibrium exchange rate; macroeconomic balance approach; current account sustainability;

D O I：

10.1023/A:1022314013924

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper presents an extension of the macroeconomic exchange rate balance approach. This extension comprises two new aspects. Firstly, it is based on a multinational framework which allows for macroeconomic linkages between countries. Secondly, it uses a procedure that does not require a full modeling of the world economy to derive a consistent set of equilibrium exchange rates. The findings reveal that, in 2001, the dollar was overvalued against the euro and the yen. The paper also shows that this result depends heavily on the chosen notion of current account sustainability.

引用

页码：169 / 190

页数：22