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dc.contributor.authorMarín Martínez, Carmen-
dc.date.accessioned2007-11-05T12:57:14Z-
dc.date.available2007-11-05T12:57:14Z-
dc.date.issued2003-07-
dc.identifier.urihttp://hdl.handle.net/10261/1835-
dc.description.abstractFollowing a general macroeconomic approach, this paper sets a closed micro-founded structural model to determine the long run real exchange rate of a developed economy. In particular, the analysis follows the structure of a Natrex model. The main contribution of this research paper is the development of a solid theoretical framework that analyse in depth the basis of the real exchange rate and the details of the equilibrium dynamics after any shock influencing the steady state. In our case, the intertemporal factors derived from the stock-flow relationship will be particularly determinant. The main results of the paper can be summarised as follows. In first place, a complete well-integrated structural model for long-run real exchange rate determination is developed from first principles. Moreover, within the concrete dynamics of the model, it is found that some convergence restrictions will be necessary. On one hand, for the medium run convergence the sensitivity of the trade balance to changes in real exchange rate should be higher that the correspondent one to the investment decisions. On the other hand, and regarding long-run convergence, it is also necessary both that there exists a negative relationship between investment and capital stock accumulation and that the global saving of the economy depends positively on net foreign debt accumulation. In addition, there are also interesting conclusions about the effects that certain shocks over the exogenous variables of the model have on real exchange rates.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesUFAE and IAE Working Papersen_US
dc.relation.ispartofseries588.03en_US
dc.rightsopenAccessen_US
dc.subjectMacroeconomic approachen_US
dc.subjectLong run real exchange rateen_US
dc.subjectNatrex modelsen_US
dc.subjectEquilibrium dynamicsen_US
dc.titleThe Structural Approach of a Natrex Model on Equilibrium Exchange Ratesen_US
dc.typedocumento de trabajoen_US
dc.type.coarhttp://purl.org/coar/resource_type/c_8042es_ES
item.grantfulltextopen-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.cerifentitytypePublications-
item.fulltextWith Fulltext-
item.languageiso639-1en-
item.openairetypedocumento de trabajo-
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