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Exogeneity In A Recent Exchange Rate Model: A Reply

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  • RONALD MACDONALD
  • LUCA ANTONIO RICCI

Abstract

In this note we show that the real exchange rate was indeed weakly exogenous in some of the specifications in MacDonald and Ricci (2004), but argue this was in all likelihood a function of the relatively limited degrees of freedom. We demonstrate here that by increasing the degrees of freedom, we can satisfy the weak exogeneity condition, whilst at the same time producing equilibrium estimates of the Rand which are quantitatively and qualitatively the same as those reported in MacDonald and Ricci (2004).

Suggested Citation

  • Ronald Macdonald & Luca Antonio Ricci, 2005. "Exogeneity In A Recent Exchange Rate Model: A Reply," South African Journal of Economics, Economic Society of South Africa, vol. 73(4), pages 747-753, December.
    • Handle: RePEc:bla:sajeco:v:73:y:2005:i:4:p:747-753
    DOI: 10.1111/j.1813-6982.2005.00051.x
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    Cited by:

    1. Ken Miyajima, 2009. "Namibia'S Real Exchange Rate Performance1," South African Journal of Economics, Economic Society of South Africa, vol. 77(2), pages 228-244, June.

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