EXOGENEITY IN A RECENT EXCHANGE RATE MODEL: A RESPONSE TO MACDONALD AND RICCI

Stan Du Plessis ()

South African Journal of Economics, 2005, vol. 73, issue 4, 741-746

Abstract: MacDonald and Ricci (2004) recently proposed an econometric model for the real effective exchange rate of the Rand. However, the real exchange rate is weakly exogenous in their model, implying that feedback to disequilibria in their model does not occur significantly via the exchange rate. Though MacDonald and Ricci (2004) have estimated an equilibrium relationship to which the real exchange rate contributes, their model does not qualify as a model for the real effective exchange rate of the Rand.

Date: 2005
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