search query: @author Macdonald, R. / total: 26
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| Author: | Macdonald, R. |
| Title: | Long-run exchange rate modeling: a survey of the recent evidence |
| Journal: | Staff Papers
1995 : SEP, VOL. 42:3, p. 437-489 |
| Index terms: | EXCHANGE RATES MODELS ECONOMICS |
| Language: | eng |
| Abstract: | In this paper the recent literature on long-run exchange rate modeling is surveyed. In particular, the author reviews the voluminous literature that tests for a unit root in real exchange rates and the closely related work on testing for a unit root in the residual from a regression of the nominal exchange rate on relative prices. The author argues that the balance of evidence is supportive of the existence of some form of long-run exchange rate relationship. The form of this relationship, however, does not accord exactly with a traditional representation of the long-run exchange rate, and the author offers some potential explanations. |
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