Abstract
AbstractTo assess Namibia's external competitiveness, this study estimates the country's equilibrium real exchange rate using the autoregressive distributed lag modelling approach that has superior small‐sample properties. The nominal depreciation of the Namibia dollar in 2002 created historically one of the largest deviations in the real exchange rate from its equilibrium level, but deviations are small at present. The half‐life of deviations from equilibrium is found to be about 1 year.
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