Engel, Charles (contributor); Rogers, John H. (contributor) - 2006
large swings in real exchange rates that do not represent long-run
equilibrium movements. How do we calculate equilibrium … real exchange rates for purposes of
calculating GDP shares?
We considered several ways of smoothing the wide swings in U ….S. real exchange rates:
moving averages over 5-year windows, HP-filtering, quadratic detrending, etc. Ultimately, none
of …