5. What meaning or meanings might be attached to the notion of the equilibrium exchange rate?

THE OPEN ECONOMY AND MONETARY POLICY 309 target ranges spillovers perfect capital mobility synchronized business cycles devaluations/revaluations of the exchange rate sterilization of monetary influences capital controls exchange rate parities exchange rate bands intervention currency uncovered interest rate parity purchasing power parity overshooting exchange rates macroeconomic policy coordination rule-based coordination