Do Fundamentals Explain the Behaviour of the Swedish Real Effective Exchange Rate?
研究了瑞典克朗实际有效汇率与基本面因素的关系，发现1992年底克朗被严重高估，2000年底被低估约5%，并计算了未来加入欧元区时合适的克朗兑欧元汇率。
Abstract This study examines the long‐run relationship between the real effective exchange rate and its fundamental determinants, and derives a real effective equilibrium exchange rate for the Swedish krona. Our results indicate that the krona was severely overvalued in late 1992, when the fixed exchange rate regime was abandoned. By the end of 2000 the krona was undervalued by approximately 5 percent, given the prevailing economic conditions. Arithmetic examples of suitable SEK/EUR conversion rates are calculated under various assumptions to provide a guideline if Sweden were to adopt the euro in the future.