Taux de change d’équilibre: une question d’horizon

Sophie Bereau; Agnès Bénassy-Quéré; Valérie Mignon

doi:10.3917/reco.603.0657

Taux de change d’équilibre: une question d’horizon

Sophie Bereau, Agnès Bénassy-Quéré, Valérie Mignon

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Résumé

We argue that the main equilibrium exchange rate approaches (ppp, beer, and feer) correspond to different time horizons of a single theoretical framework. We propose an illustration for the euro/dollar exchange rate. Our results suggest that the various approaches should not be opposed but rather combined to provide useful benchmarks for exchange-rate policies.

langue originale	Anglais
Pages (de - à)	657-666
Nombre de pages	10
journal	Revue Economique
Volume	60
Numéro de publication	3
Les DOIs	https://doi.org/10.3917/reco.603.0657
Etat de la publication	Publié - 2009

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title = "Taux de change d{\textquoteright}{\'e}quilibre: une question d{\textquoteright}horizon",

abstract = "We argue that the main equilibrium exchange rate approaches (ppp, beer, and feer) correspond to different time horizons of a single theoretical framework. We propose an illustration for the euro/dollar exchange rate. Our results suggest that the various approaches should not be opposed but rather combined to provide useful benchmarks for exchange-rate policies.",

author = "Sophie Bereau and Agn{\`e}s B{\'e}nassy-Qu{\'e}r{\'e} and Val{\'e}rie Mignon",

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AB - We argue that the main equilibrium exchange rate approaches (ppp, beer, and feer) correspond to different time horizons of a single theoretical framework. We propose an illustration for the euro/dollar exchange rate. Our results suggest that the various approaches should not be opposed but rather combined to provide useful benchmarks for exchange-rate policies.

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DO - 10.3917/reco.603.0657

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Taux de change d’équilibre: une question d’horizon

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