Abstract

ECHAVARRIA SOTO, Juan José; LOPEZ ENCISO, Enrique  and  MISAS ARANGO, Martha. The Equilibrium Real Exchange Rate in Colombia and its Misalignment Structural VEC: estimativa através de um modelo svec. Ens. polit. econ. [online]. 2008, vol.26, n.57, pp.282-319. ISSN 0120-4483.

In this paper we estimate the equilibrium real exchange rate and its misalignment for Colombia. The latter understood as the difference between the observed real exchange rate and its equilibrium value. To carry out this exercise we used the common trends approach associated with a structural VEC model (SVEC). The exercise, conducted for the period 1962-2005, indicates that the real exchange rate has been over appreciated mainly between 1962 and 1974, 1983-1985 and 1995-1997. The results also suggest that the real exchange rate has been relatively close to equilibrium in recent years.

Keywords : equilibrium real exchange rate; misalignment; structural VEC model.

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