04207oam 22009734 450 991078841750332120230828232707.01-4623-5282-01-4527-8040-41-283-51274-21-4519-0970-59786613825193(CKB)3360000000443511(EBL)3014323(SSID)ssj0000939948(PQKBManifestationID)11519255(PQKBTitleCode)TC0000939948(PQKBWorkID)10946339(PQKB)10095798(OCoLC)698585510(MiAaPQ)EBC3014323(IMF)WPIEE2006257(EXLCZ)99336000000044351120020129d2006 uf 0engur|n|---|||||txtccrTo Smooth or Not to Smooth—The Impact of Grants and Remittances on the Equilibrium Real Exchange Rate in JordanWashington, D.C. :International Monetary Fund,2006.1 online resource (39 p.)IMF Working Papers"November 2006."1-4518-6517-1 Includes bibliographical references (p. 35-37).""Contents""; ""I. INTRODUCTION""; ""II. DATA AND METHODOLOGY""; ""III. MODELING AND INTERPRETING THE EQUILIBRIUM REAL EXCHANGE RATE""; ""IV. ASSESSING THE EQUILIBRIUM REAL EXCHANGE RATE""; ""V. CONCLUSIONS""; ""Appendix: Methodological Problems with Smoothing""; ""REFERENCES""This paper estimates the effect of grants and workers' remittances on Jordan's long-term equilibrium real exchange rate. We estimate an equilibrium path for the Jordanian real exchange rate using the Johansen cointegration methodology over the period 1964 to 2005. Controlling for other fundamentals, we find that both grants and workers' remittances appreciate the equilibrium real exchange rate in a statistically and economically significant way. We also find that assessing deviations of the actual real exchange rate from the estimated equilibrium real exchange rate is nontrivial because different smoothing methodologies and the nonsmoothed estimates give very different results.IMF Working Papers; Working Paper ;No. 2006/257Foreign exchange ratesJordanMathematical modelsEmigrant remittancesJordanMathematical modelsGrants-in-aidJordanMathematical modelsSmoothing (Numerical analysis)Exports and ImportsimfForeign ExchangeimfEmpirical Studies of TradeimfRemittancesimfCurrencyimfForeign exchangeimfInternational economicsimfReal exchange ratesimfReal effective exchange ratesimfExchange ratesimfTerms of tradeimfOutward remittancesimfEconomic policyimfnternational cooperationimfEmigrant remittancesimfJordanimfForeign exchange ratesMathematical models.Emigrant remittancesMathematical models.Grants-in-aidMathematical models.Smoothing (Numerical analysis)Exports and ImportsForeign ExchangeEmpirical Studies of TradeRemittancesCurrencyForeign exchangeInternational economicsReal exchange ratesReal effective exchange ratesExchange ratesTerms of tradeOutward remittancesEconomic policynternational cooperationEmigrant remittancesInternational Monetary Fund.Middle East and Central Asia Dept.DcWaIMFBOOK9910788417503321To Smooth or Not to Smooth—The Impact of Grants and Remittances on the Equilibrium Real Exchange Rate in Jordan3802311UNINA