01794cas a2200241 a 4500 AALejournalIMF008428 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451851670 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. The Equilibrium Real Exchange Rate in a Commodity Exporting Country : The Case of Russia. Washington, D.C. : International Monetary Fund, 2003. 1 online resource (22 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Questions about external competitiveness, exchange rate misalignment, and the appropriate exchange rate policy feature prominently in the Russian policy debate. This paper furthers the debate by estimating empirically Russia's equilibrium real exchange rate (ERER)-that is, the rate consistent with the long-run economic fundamentals-and sheds light on the extent to which exchange rate policy should be changed. The paper confirms that the ERER reflects both productivity and the terms of trade. It suggests that Russia should target a significant medium-term current account deterioration and a real appreciation perhaps exceeding 10 percent. However, this latter number remains very sensitive to the assumed long-run oil prices. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2003/093 Full text available on IMF http://elibrary.imf.org/view/journals/001/2003/093/001.2003.issue-093-en.xml IMF e-Library