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Equilibrium exchange rate in the Czech Republic: how good is the Czech BEER?
SYS 1226859 LBL 02091nam^a2200553^a^4500 003 CZ-CbJVK 005 20230521210527.1 007 ta 008 050809s2005----xr-a---f------000-0-eng-- 015 $a cnb001578022 020 $a 80-7344-049-0 $q (Národohospodářský ústav AV ČR ; $q brož.) 020 $a 80-7343-060-6 $q (Centrum pro ekonomický výzkum a postgraduální vzdělávání UK ; $q brož.) 040 $a BOA001 $b cze $d ABA001 041 0-
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$a 336.7 $x Finance $2 Konspekt $9 4 080 $a 336.748 $2 MRF 080 $a (437.3) $2 MRF 080 $a (048.8) $2 MRF 100 1-
$a Babecký, Jan, $d 1973- $7 jx20041026016 $4 aut 245 10
$a Equilibrium exchange rate in the Czech Republic: how good is the Czech BEER? / $c Ian Babetskii, Balázs Égert 260 $a Prague : $b CERGE-EI, $c 2005 300 $a 30 s. : $b il. ; $c 21 cm 490 1-
$a Working paper series, $x 1211-3298 ; $v 267 504 $a Obsahuje bibliografii a bibliografické odkazy 520 3-
$a The paper investigates the equilibrium exchange rate of the Czech koruna using the reduced-form equation of the stock-flow approach advocated by, for example, Faruqee (1995) and Alberola et al. (1999). We investigate whether the observed real exchange rate of the Czech koruna is close to its equilibrium value over the period from 1993 to 2004. Our empirical approach is tantamount to the behavioral equilibrium exchange rate (BEER), popularized by MacDonald (1997) and Clark and MacDonald (1998), in that the Czech real exchange rate vis-a`-vis the euro is regressed on the dual productivity differential; and the net foreign assets position, based on which actual and total misalignment figures, are derived in a time-series context. In other words, we check the quality of the Czech BEER. We also study the impact of a possible initial undervaluation on the estimated equilibrium exchange rate. Employing monthly time series from 1993, and applying several alternative cointegration techniques, we identify a period of an overvaluation in 1997 and in 1999, an increasing overvaluation afterwards, an undervaluation in 2003, and a correction toward equilibrium in the second half of 2004. $c okcz $u https://www.obalkyknih.cz/view?isbn=9788073430603 $2 OKCZ - ANOTACE Z WEBU 546 $a České resumé 648 -4
$a 1993-2004 650 07
$a devizové kurzy $z Česko $y 1993-2004 $7 ph114307 $2 czenas 655 -7
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$a Égert, Balázs $7 mzk2005304297 $4 aut 830 -0
$a Working paper series (CERGE-EI) 856 41
$u https://kramerius.lib.cas.cz/view/uuid:62bb6c52-6352-4d1a-a25d-0177062e8f23 $y Digitalizovaný dokument $3 Digitalizovaný dokument 910 $a CBA001 FMT BK
Number of the records: 1