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Macronomics: The Mystery of the Real Effective Exchange Rate

The Real and Effective Exchange Rate is not real, not effective and not an exchange rate. It is a brilliant concept that applies itself when you remove all obstacles such as reality.

Ajay Shah says in his REER assessment that we don’t know what the exchange rate should be.And he’s right, because we shouldn’t be bothered with what it should be, we should only be bothered with what it . . .

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