@ARTICLE{26543120_26554811_2005, 
	author = {Kirill Sosunov and Andrew Shumilov}, 
	keywords = {, equilibrium real exchange rate, reduced form solution, terms of tradecapital flows},
	title = {Estimation of the Equilibrium Real Exchange Rate for Russia},
	journal = {HSE Economic Journal },
	year = {2005},
	month = {1},
	volume = {9},
	number = {2},
	pages = {216-229},
	url = {https://ej.hse.ru/en/2005-9-2/26554811.html},
	publisher = {},
	abstract = {Following methodological approach proposed by Edwards, the paper estimates empirically Russia's equilibrium real exchange rate (ERER) for the period 1995-2003. ERER is defined as the relative price of non-tradables to tradables consistent with the simultaneous achievement of internal and external balances of the economy. Reduced form solution of simultaneous equations system relates ERER to a set of variables called fundamentals. These variables are identified as terms of trade, production of non-tradables, and capital flows; and the reduced form equation is estimated using Johansen cointegration technique. Effects of monetary and fiscal policies’ variables on the short-run dynamics of the real exchange rate and the speed of its adjustment towards the equilibrium are also investigated within a framework of error-correction model.},
	annote = {Following methodological approach proposed by Edwards, the paper estimates empirically Russia's equilibrium real exchange rate (ERER) for the period 1995-2003. ERER is defined as the relative price of non-tradables to tradables consistent with the simultaneous achievement of internal and external balances of the economy. Reduced form solution of simultaneous equations system relates ERER to a set of variables called fundamentals. These variables are identified as terms of trade, production of non-tradables, and capital flows; and the reduced form equation is estimated using Johansen cointegration technique. Effects of monetary and fiscal policies’ variables on the short-run dynamics of the real exchange rate and the speed of its adjustment towards the equilibrium are also investigated within a framework of error-correction model.}
}