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The Equilibrium Value of the Euro/$ US Exchange Rate: An Evaluation of Research
Jerome L. Stein Brown University - Division of Applied Mathematics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research) July 2001 CESifo Working Paper Series No. 525 Abstract: The ultimate object of research concerning the Euro is to answer the following questions: (#1) What is the equilibrium trajectory of the nominal euro, measured as dollars/euro? (#2) To what extent has the equilibrium nominal euro been determined by relative prices (PPP), and to what extent has it been determined by real fundamentals? (#3) How important have been the transitory factors in affecting the value of the euro? (#4) Is the euro currently undervalued, and by what criteria? Our evaluation of recent research concerning the answers to these questions, is the subject of this paper.
Keywords: Euro, NATREX, BEER, Equilibrium Exchange Rates, International Capital Flows, Misalignment JEL Classifications: F3, F21, F36, F43 Working Paper SeriesDate posted: August 14, 2001 ; Last revised: September 01, 2004Suggested CitationContact Information
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