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Abstract
In this article we estimate the equilibrium level of the exchange rates of the Ukrainian hryvnia to the euro, US dollar and Russian ruble over the period from 4Q2001 to 1Q2010. We apply CHEER and BEER approaches employing a VAR model. Our results suggest that the hryvnia was mostly overvalued during this period. We also find that the exchange rate regimes of the National Bank of Ukraine influence the level of deviation of hryvnia exchange rates from the equilibrium.