{
  "title": "A Fair Exchange? Theory and Practice of Calculating Equilibrium Exchange Rates",
  "publication": "IMF Working Papers, December 1, 2005",
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  "summary": "We develop a theory-based model of equilibrium exchange rates incorporating factors that have been found to matter empirically. The model provides insights into how variables should be measured and what are appropriate cross-country restrictions.",
  "sections": [
    {
      "heading": "Research objective and approach",
      "content": "- Develop a theory-based model of equilibrium exchange rates that incorporates factors found to matter empirically.\n- Provide insights into how variables should be measured and what cross-country restrictions are appropriate.\n- Estimate the model using a panel of 12 industrial countries."
    },
    {
      "heading": "Key findings",
      "content": "- The model fits the data relatively well.\n- The model implies relatively fast adjustment to equilibrium.\n- The model outperforms a random walk at longer horizons.\n- The rate of adjustment depends on the distance from equilibrium, suggesting that part of the explanation for slow adjustment is inaccurate measures of equilibrium."
    },
    {
      "heading": "Data and scope",
      "content": "- Panel of 12 industrial countries.\n- Pages: 28\n- Volume: 2005\n- Issue: 229\n- Series: Working Paper No. 2005/229\n- DOI: https://doi.org/10.5089/9781451862485.001\n- Stock No: WPIEA2005229\n- ISBN: 9781451862485\n- ISSN: 1018-5941\n- Publication date: December 1, 2005"
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: Exchange rates, Foreign assets, Manufacturing, Purchasing power parity, Real exchange rates\n- Keywords: exchange rate, WP\n\nIMF Working Paper No. 2005/229 (December 1, 2005).\n\n---\n\n Content in this bundle\n\n- wp05229 - References\n  - wp05229 - References (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp05229 - References (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/a-fair-exchange-theory-and-practice-of-calculating-equilibrium-exchange-rates-18660"
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    "Authors: Jaewoo Lee, Hamid Faruqee, Tamim Bayoumi",
    "Published: December 1, 2005",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451862485.001",
    "Develop a theory-based model of equilibrium exchange rates that incorporates factors found to matter empirically.",
    "Provide insights into how variables should be measured and what cross-country restrictions are appropriate.",
    "Estimate the model using a panel of 12 industrial countries.",
    "The model fits the data relatively well.",
    "The model implies relatively fast adjustment to equilibrium.",
    "The model outperforms a random walk at longer horizons.",
    "The rate of adjustment depends on the distance from equilibrium, suggesting that part of the explanation for slow adjustment is inaccurate measures of equilibrium.",
    "Panel of 12 industrial countries.",
    "Pages: 28",
    "Volume: 2005",
    "Issue: 229",
    "Series: Working Paper No. 2005/229",
    "DOI: https://doi.org/10.5089/9781451862485.001",
    "Stock No: WPIEA2005229",
    "ISBN: 9781451862485",
    "ISSN: 1018-5941",
    "Publication date: December 1, 2005",
    "Subject: Exchange rates, Foreign assets, Manufacturing, Purchasing power parity, Real exchange rates",
    "Keywords: exchange rate, WP",
    "**_wp05229 - References**"
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