Long-run determinants of the Irish real exchange rate

被引:9
|
作者
Lane, PR [1 ]
Milesi-Ferretti, GM
机构
[1] Univ Dublin Trinity Coll, Dublin 2, Ireland
[2] Int Monetary Fund, Washington, DC 20431 USA
关键词
D O I
10.1080/00036840110036729
中图分类号
F [经济];
学科分类号
02 ;
摘要
Smooth adjustment to real exchange rate shifts is one of the major challenges facing the Irish economy under EMU. Rather than assume purchasing power parity, the long-run real exchange rate is modelled as time-varying, being determined by relative output levels, the terms of trade and the net foreign asset position. It is shown that these factors account for a large proportion of the long-run movement in the Irish real exchange rate.
引用
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页码:549 / 553
页数:5
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