Detail publikace

Odhady reálných měnových kurzů: Do jaké míry aplikovatelné pro stanovení centrální parity?

Autor: prof. Roman Horváth Ph.D.,
Typ: IES Working Papers
Rok: 2005
Číslo: 75
ISSN / ISBN:
Publikováno v: IES FSV UK Working Papers Series No. 75 (also in Prague Social Science Studies, EC-002/2005)
Místo vydání: Prague
Klíčová slova: equilibrium exchange rate, monetary policy, ERM II
JEL kódy: E5, F4
Citace:
Granty: Výzkumný záměr IES (2005-2011) Integrace české ekonomiky do Evropské unie a její rozvoj
Abstrakt: The objective of this paper is twofold. First, we provide an introduction on estimation and methodology of the real equilibrium exchange rate. Second, we discuss to what extent are these estimates applicable for setting the central parity. Given the uncertainty surrounding the estimates, they are informative in the sign rather than the size of the misalignment of exchange rate, but may serve as useful consistency checks for the decision about setting the central parity. We argue that policy makers shall consider the estimates in their decision-making only if the real exchange rate is substantially misaligned (i.e. more than 10% as a rule of thumb).
Ke stažení: WP 2005_75 Horvath
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