INVESTIGADORES
FELIZ Mariano
congresos y reuniones científicas
Título:
The measurement of the equilibrium RER: A new econometric aproximation
Autor/es:
CARRERA, JORGE EDUARDO; FÉLIZ, MARIANO; PANIGO, DEMIAN TUPAC
Lugar:
Río de Janeiro (Brasil)
Reunión:
Congreso; XXI Encontro Brasileiro de Econometria; 1999
Institución organizadora:
Sociedade Brasileira de Econometria
Resumen:
To determine the deviation of the real exchange rate (RER) with respect to some equilibrium level
is of great importance for economic policy. However, the measurement of the RER as well as the
determination of its equilibrium level are controversial matters.
In this work we present the two main approaches in the literature of the Equilibrium Exchange
Rate: the Purchasing Power Parity hypothesis and the theory of the fundamentals.
In this paper, we propose a VECM methodology for the determination of the equilibrium RER in the
framework of the "fundamentals" approach. Then, we suggest a methodology (a "rolling" VECM
estimation) to check the stability of the parameters that at the same time improves on the VECM
estimation.
Finally, we suggest proposals to improve the theory of fundamentals giving greater weight to the
dis-equilibriums in the labor market.