|Multilateral Real Exchange Rate|
|Underlying Current Account||(As percentage deviation from estimated|
|Minus S-I Norm||medium-run equilibrium level)1|
|(In percent of GDP)||Calculated||Summary judgment|
|Country A||−2.5||↓ 26||↓ >20|
|Country B||−2.5||↓7||↓ about 10|
|Country C||0||↑ 4||↑ about 10|
↓Indicates that currency would need to depreciate to reach its medium-run equilibrium level; ↑ Indicates need to appreciate.