About: Equilibrium Exchange Rates in the EU New Members: Methodology, Estimation and Applicability to ERM II

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	In this paper we discuss the estimation and methodology of the real equilibrium exchange rate partial equilibrium models and analyze to what extent the resulting estimates are applicable for setting the central parity prior to ERM II entry in the new EU member states. Given the uncertainty surrounding the estimates, we argue that they are informative in the sign rather than the size of the misalignment of the exchange rate, but may still serve as useful consistency checks for the decision on the setting of the central parity. We argue that policy makers should consider the estimates in their decision-making only if the real exchange rate is substantially misaligned. In this paper we discuss the estimation and methodology of the real equilibrium exchange rate partial equilibrium models and analyze to what extent the resulting estimates are applicable for setting the central parity prior to ERM II entry in the new EU member states. Given the uncertainty surrounding the estimates, we argue that they are informative in the sign rather than the size of the misalignment of the exchange rate, but may still serve as useful consistency checks for the decision on the setting of the central parity. We argue that policy makers should consider the estimates in their decision-making only if the real exchange rate is substantially misaligned. (en) V tomto článku diskutujeme odhady a metodologii reálného rovnovážného měnového kurzu dle parciálních rovnovážných modelů a analyzujeme do jaké míry výsledky odhadů jsou aplikovatelné pro stanovení centrální parity nových členských zemí před jejich vstupem do ERM II. Vlivem nejistot spojených s danými nejistotami argumentujeme, že jsou informativní ve směru výsledného znaménka než-li velikosti nesladěnosti, ale mohou stále podávat užitečnou a konzistentní kontrolu rozhodnutí o nastavení centrální parity. Argumentujeme, že tvůrci měnové politiky by měly považovat tyto odhady v jejich rozhodovacím procesu pouze pokud reálný měnový kurz je podstatně nesladěný. (cs)
Title	Equilibrium Exchange Rates in the EU New Members: Methodology, Estimation and Applicability to ERM II Equilibrium Exchange Rates in the EU New Members: Methodology, Estimation and Applicability to ERM II (en) Rovnovážné měnové kurzy nových členských zemí EU: Metodologie, odhady a aplikovatelnost na ERM II (cs)
skos:prefLabel	Equilibrium Exchange Rates in the EU New Members: Methodology, Estimation and Applicability to ERM II Equilibrium Exchange Rates in the EU New Members: Methodology, Estimation and Applicability to ERM II (en) Rovnovážné měnové kurzy nových členských zemí EU: Metodologie, odhady a aplikovatelnost na ERM II (cs)
skos:notation	RIV/61989100:27510/07:00014875!RIV08-GA0-27510___
http://linked.open.../vavai/riv/strany	24-37
http://linked.open...avai/riv/aktivita	P
http://linked.open...avai/riv/aktivity	P(GA402/05/2758)
http://linked.open...iv/cisloPeriodika	1
http://linked.open...vai/riv/dodaniDat	2008
http://linked.open...aciTvurceVysledku	Komárek, Luboš
http://linked.open.../riv/druhVysledku	J - Článek v odborném periodiku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Vysoká škola báňská - Technická univerzita Ostrava / Ekonomická fakulta
http://linked.open...dnocenehoVysledku	420368
http://linked.open...ai/riv/idVysledku	RIV/61989100:27510/07:00014875
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	Equilibrium Exchange Rate; ERM II; New EU Member States (en)
http://linked.open.../riv/klicoveSlovo	Equilibrium Exchange Rate New EU Member States ERM II
http://linked.open...odStatuVydavatele	CZ - Česká republika
http://linked.open...ontrolniKodProRIV	[0AE86CF19A09]
http://linked.open...i/riv/nazevZdroje	Prague Economic Papers
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	2 (xsd:int)
http://linked.open...vavai/riv/projekt	Integration of the financial sector of the new EU member countries into the EMU
http://linked.open...UplatneniVysledku	2007
http://linked.open...v/svazekPeriodika	XVI
http://linked.open...iv/tvurceVysledku	Komárek, Luboš Horváth, Roman
issn	1210-0455
number of pages	14 (xsd:int)
http://localhost/t...ganizacniJednotka	27510
is http://linked.open...avai/riv/vysledek of	Equilibrium Exchange Rates in the EU New Members: Methodology, Estimation and Applicability to ERM II Equilibrium Exchange Rates in the EU New Members: Methodology, Estimation and Applicability to ERM II Equilibrium Exchange Rates in the EU New Members: Methodology, Estimation and Applicability to ERM II

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