Comparing Alternative Methodologies for Real Exchange Rate Assessment
- ISBN-10
- 927914913X
- ISBN-13
- 9789279149139
- Category
- European Union countries
- Pages
- 54
- Language
- English
- Published
- 2010
- Authors
- Alessandro Turrini, European Commission. Directorate-General for Economic and Financial Affairs, Matteo Salto
Description
"This paper compares alternative methodologies for estimating real exchange rate misalignment for EU countries. It is shown that current account-based approaches (based on NFA stabilisation and current account norms) and relative-price based approaches (BEER and PPP-based) deliver broadly consistent assessments, however sometimes differences are non-negligible. Current account-based misalignment appears to be driven to a larger extent by shocks affecting domestic absorption and national savings and quite often becomes manifest before price-based misalignment. All misalignment measures, and especially the BEER, are related with medium-term developments in real exchange rates, while only current-account based misalignment is a significant predictor of forthcoming current account developments."--Publication information p.
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