Real Exchange Rate Misalignments and Growth

@inproceedings{Razin1997RealER,
  title={Real Exchange Rate Misalignments and Growth},
  author={Ofair Razin and Susan Collins},
  year={1997}
}
Real exchange rate (RER) misalignment is now a standard concept in international macroeconomic theory and policy. However, there is neither a consensus indicator of misalignment, nor an agreed upon methodology for constructing such an indicator. This paper constructs an indicator of RER misalignment for a large sample of developed and developing countries. This indicator is based on a well-structured but simple extension of an IS-LM model of an open economy. The paper then uses regression… CONTINUE READING

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