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New summary measures of the foreign exchange value of the dollar

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  • Michael P. Leahy
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    Abstract

    The multilateral trade-weighted index of the foreign exchange value of the U.S. dollar against the currencies of the other countries in the Group of Ten (G-10), developed at the Federal Reserve Board in 1971, has played an important role in staff analysis of foreign influences on the U.S. economy for more than twenty-five years. However, changes in international trading relationships and in the structure of international financial markets have led to increased interest in the currencies of U.S. trading partners outside the G-10 countries. Furthermore, the establishment of the European Economic and Monetary Union (EMU) is bringing about significant changes inside the G-10 countries, with the euro, which will be introduced in January 1999, ultimately replacing five of the G-10 currencies. As a result, members of the Board's staff have developed several new indexes of the dollar's overall foreign exchange value.

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    File URL: http://www.federalreserve.gov/pubs/bulletin/1998/1098lead.pdf
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    Bibliographic Info

    Article provided by Board of Governors of the Federal Reserve System (U.S.) in its journal Federal Reserve Bulletin.

    Volume (Year): (1998)
    Issue (Month): Oct ()
    Pages: 811-818

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    Handle: RePEc:fip:fedgrb:y:1998:i:oct:p:811-818:n:v.84no.10

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    Keywords: Foreign exchange;

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