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Real Exchange Rate Misalignments in the Euro Area
Open Economies Review ( IF 1.173 ) Pub Date : 2020-07-28 , DOI: 10.1007/s11079-020-09596-1
Michael Fidora , Claire Giordano , Martin Schmitz

Building upon a Behavioural Equilibrium Exchange Rate model, estimated at a quarterly frequency since 1999 on a broad sample of 57 countries, this paper assesses both the size and the persistence of real effective exchange rate misalignments of countries that have adopted the euro and of those outside the euro area. The euro area is indeed a poignant example of a currency union in which the nominal exchange rate is irrevocably fixed; the non-euro area economies considered include countries with either flexible or pegged currencies. While misalignments are found to be smaller in the euro area than in the rest of the world, they are also more persistent; however, the persistence in the euro area has decreased after the global financial crisis. Finally, it is found that improvements in the quality of institutions – observed in particular after 2009 within the euro area – reduce the persistence of misalignments.



中文翻译:

欧元区实际汇率失调

以行为均衡汇率模型为基础,该模型自1999年以来以57个国家的广泛样本为基础,每季度进行一次估算,评估了采用欧元的国家和外部采用欧元的国家的实际有效汇率错位的规模和持续性欧元区。欧元区确实是货币联盟的一个令人震惊的例子,在该联盟中,名义汇率固定不变。所考虑的非欧元区经济体包括采用灵活货币或钉住货币的国家。尽管发现欧元区的错位比世界其他地区小,但也更加持久。然而,在全球金融危机之后,欧元区的持久性有所下降。最后,

更新日期:2020-07-28
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