Observatory on Exchange Rates

The Observatory on Exchange Rates of EESP-FGV, in an CGTI cooperation with CEMAP, was officially launched in 2012. This is a joint project of the Center for Applied Macroeconomics Research and the Center for Global Trade and Investment at Sao Paulo School of Economics. The Observatory consolidates a research effort that has been made in the School to better understand the determinants of the real exchange rate equilibrium.
The Observatory has the following goals. The first is to conduct systematic and periodic estimatives of the equilibrium exchange rate for a large group of countries. The second objective is to carry out academic research on alternatives methods for calculating exchange rate misalignment as well as the effects of misalignments on trade, tariffs, and other variables.
The observatory will release periodically estimatives of exchange rate misalignments using different methodologies and focusing on G-20 group. The Observatory uses methodologies available in the literature on the subject.
Heads of the Observatory:
Emerson Fernandes Marçal (Sao Paulo School of Economics)
Vera Thorstensen (Sao Paulo School of Economics)


Articles on Exchange Rate Misalingments:

JIEL 2015: Exchange Rate Measures: Who Judges The Issue - IMF or WTO?

JIEL 2013: The 'Missing Link' Between the WTO and the IMF

JWT 2012: Exchange Rate Misalingments and International Trade Policy: Impacts on Tariffs




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