Dimension temporelle et taux de change d'équilibre. Une application au cas des États-Unis

In a unified theoretical framework introduced by López-Villavicencio et al. [2012], we analyze the two main models of equilibrium exchange rate, namely, the fundamental equilibrium exchange rate (feer) and the behavioral equilibrium exchange rate (beer). To understand the interactions between these two measures, we study in detail the temporal dimension. The case of the United States will illustrate our analysis that highlights the structural changes in competitiveness, the dynamics of net external positions and valuation effects in explaining the divergences. Classification JEL : F31, F32, C23