As of August, the latest data available, the BIS index of the dollar's effective exchange rate was less than 92, or roughly 8% below what some might consider fair, or equilibrium, value.

最近一份数据显示，8月份时BIS的美元实际有效汇率指数不足92，较指数均衡价值低了8%左右。

youdao

To guard against this, the authors added to their model a measure of how far the exchange rate has shifted from its fair value.

为了避免这个，作者添加了他们对多长时间汇率会从公平价值中改变的模型标准。

youdao