INVESTIGADORES
FELIZ Mariano
congresos y reuniones científicas
Título:
La medición del Tipo de Cambio Real de Equilibrio: una nueva aproximación econométrica
Autor/es:
CARRERA, JORGE EDUARDO; FÉLIZ, MARIANO; PANIGO, DEMIAN TUPAC
Lugar:
Mendoza (Argentina)
Reunión:
Congreso; XXXIII Reunión Anual de la Asociación Argentina de Economía Política; 1998
Institución organizadora:
Asociación Argentina de Economía Política
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.
