MacDonald, R. (1995) Long-run exchange rate modeling: a survey of the recent evidence. IMF Staff Papers, 42(3), p. 437. (doi: 10.2307/3867529)
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Publisher's URL: http://www.jstor.org/stable/3867529
Abstract
In this paper the recent literature on long-run exchange rate modeling is surveyed. In particular, we review 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. We argue 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 we offer some potential explanations.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | MacDonald, Professor Ronald |
| Authors: | MacDonald, R. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | IMF Staff Papers |
| Publisher: | International Monetary Fund |
| ISSN: | 1020-7635 |
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