The Swedish real exchange rate under different currency regimes |
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Authors: | Larsson Anna S |
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Institution: | (1) Stockholm University, IIES, SE-106 91 Stockholm, Sweden |
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Abstract: | This paper presents evidence on the behaviour of the Swedish real exchange rate relative to Germany under different currency
regimes during the period 1973:1–2001:4. The results suggest that the real exchange rate is cointegrated with Swedish and
German productivity, which is consistent with Balassa (1964) and Samuelson (1964). In the short run, the exchange rate regime
has mattered for the dynamics of the real exchange rate. Deviations from long-run equilibrium have been adjusted more quickly
when the nominal exchange rate has been allowed to float freely. JEL no. C22, E31, F41 |
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Keywords: | Real exchange rate exchange rate regimes cointegration |
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