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Modeling Real Exchange Rate Persistence in Chile | |
Leonardo Salazar | |
2020-06-03 | |
出版年 | 2020 |
国家 | 瑞典 |
领域 | 资源环境 |
英文摘要 | The long and persistent swings in the real exchange rate have for a long time puzzled economists. Recent models built on imperfect knowledge economics seem to provide a theoretical explanation for this persistence. Empirical results, based on a cointegrated vector autoregressive (CVAR) model, provide evidence of error-increasing behavior in prices and interest rates, which is consistent with the persistence observed in the data. The movements in the real exchange rate are compensated by movements in the interest rate spread, which restores the equilibrium in the product market when the real exchange rate moves away from its long-run benchmark value. Fluctuations in the copper price also explain the deviations of the real exchange rate from its long-run equilibrium value. |
URL | 查看原文 |
来源平台 | Environment for Development Initiative |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/274799 |
专题 | 资源环境科学 |
推荐引用方式 GB/T 7714 | Leonardo Salazar. Modeling Real Exchange Rate Persistence in Chile,2020. |
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