Two approaches are commonly used to determine the equilibrium real exchange rate in a country after external shocks: purchasing power parity (PPP) calculations and the Salter-Swan, tradables-nontradables model. There are theoretical and empirical problems with both approaches, and tensions between them. In this article the authors resolve these theoretical and empirical difficulties by presenting a model which is a generalization of the Salter-Swan...
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INFORMATION
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1993/01/31
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Article de revue
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14289
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1
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1
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2010/07/01
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External shocks, purchasing power parity, and the equilibrium real exchange rate
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real exchange rate
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