Long-run determinants of the Irish real exchange rate

Philip Lane and Gian Maria Milesi-Ferretti ()

Applied Economics, 2002, vol. 34, issue 5, 549-553

Abstract: Smooth adjustment to real exchange rate shifts is one of the major challenges facing the Irish economy under EMU. Rather than assume purchasing power parity, the long-run real exchange rate is modelled as time-varying, being determined by relative output levels, the terms of trade and the net foreign asset position. It is shown that these factors account for a large proportion of the long-run movement in the Irish real exchange rate.

Date: 2002
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DOI: 10.1080/00036840110036729

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