Asset Market and Balance of Payments Characteristics : An Eclectic Exchange Rate Model for the Dollar, Mark, and Yen »
Series: IMF Working Papers
Author(s): Ronald MacDonald
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 June 1995
Keywords: exchange rate, exchange rates, equation, cointegration, real exchange rate
In this paper we use an exchange rate model that combines asset market characteristics with balance of payments interactions to examine the nominal effective exchange rates of the German mark, Japanese yen, and U.S...