IMF Working Paper Series
Выпуск N98/67 за 1998 год
Опубликовано на портале: 10-12-2003Peter Clarke, Ronald MacDonald IMF Working Paper Series. 1998. No. 98/67.
This paper compares two approaches for examining the extent to which a country's actual real effective exchange rate is consistent with economic fundamentals: the PEER approach, which involves calculating the real exchange rate that equates the current account at full employment with sustainable net capital flows, and the BEER approach, which uses econometric methods to establish a behavioral link between the real rate and relevant economic variables. An exchange rate model is estimated for the G-3 currencies to provide illustrative comparisons of BEERs and FEERs.