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In Search of Equilibrium: Estimating Equilibrium Real Exchange Rates in Sub-Saharan African Countries

In Search of Equilibrium: Estimating Equilibrium Real Exchange Rates in Sub-Saharan African Countries by Joannes Mongardini
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This paper presents a methodology to estimate equilibrium real exchange rates (ERER) for Sub-Saharan African (SSA) countries using both single-country and panel estimation techniques. The limited data set hinders single-country estimation for most countries in the sample, but panel estimates are statistically and economically significant, and generally robust to different estimation techniques. The results replicate well the historical experience for a number of countries in the sample. Panel techniques can also be used to derive out of sample estimates for countries with a more limited data set.
International Monetary Fund; April 2007
39 pages; ISBN 9781452781402
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Title: In Search of Equilibrium: Estimating Equilibrium Real Exchange Rates in Sub-Saharan African Countries
Author: Joannes Mongardini; Alexander Chudik