Exchange rates are often described as overvalued or undervalued. But how do we make these judgments, and how do we assess by how much an exchange rate is misaligned? These questions have reemerged as central to the international macropolicy debate as the dollar continues to appreciate, the yen...

Countries that entered the European Monetary Union had to do so at exchange rates that are close to equilibrium levels. So when are exchange rates at equilibrium levels? Real Exchange Rates for the Year 2000 discusses the fundamental equilibrium exchange rate (FEER) method and estimates FEERS...

Countries that entered the European Monetary Union had to do so at exchange rates that are close to equilibrium levels. So when are exchange rates at equilibrium levels? Real Exchange Rates for the Year 2000 discusses the fundamental equilibrium exchange rate (FEER) method and estimates FEERS...