Politická ekonomie 2012, 60(2):147-166 | DOI: 10.18267/j.polek.835

Behaviorální a fundamentální rovnovážný měnový kurz české koruny

Luboš Komárek, Martin Motl
1 Česká národní banka, VŠB-TU Ostrava a Vysoká škola finanční a správní.
2 Česká národní banka, Praha a VŠB-TU Ostrava.

Behavioural and Fundamental Equilibrium Exchange Rate of the Czech Koruna

The article discusses the approaches and options for identification of equilibrium exchange rate. It focuses mainly on the outcomes of behavioural (BEER) and fundamental (FEER) model of the equilibrium exchange rate of the Czech Koruna, which are presented in both nominal and real terms. The results of both models of equilibrium exchange rate (BEER and FEER) showed significant long-term appreciation trend, mainly due to faster growth in labour productivity in the Czech Republic compared to the euro area. The results also confirmed the estimates of exchange rate overvaluation by mid-1997 and in 1998, 2002 and 2008. Since 2009, the model suggests a significant slowdown in the appreciation of the equilibrium mainly due to slowing domestic growth rate of labor productivity compared to the euro area.

Keywords: Equilibrium exchange rate, misalignment, Czech Koruna
JEL classification: E40, E50, N10

Published: April 1, 2012  Show citation

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Komárek, L., & Motl, M. (2012). Behavioural and Fundamental Equilibrium Exchange Rate of the Czech Koruna. Politická ekonomie, 60(2), 147-166. doi: 10.18267/j.polek.835
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