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Industry-specific exchange rates for the United States

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  • Linda S. Goldberg

Abstract

The trade-weighted exchange rates constructed for the aggregate U.S. economy do not always capture the changes in industry competitive conditions induced by movements in specific bilateral exchange rates. Exchange rates produced using information on industry-specific trade partners are often better suited for this task. This article constructs three industry-specific real exchange rate measures for the United States-one using export partner weights only, a second using import partner weights, and a third using an average of export and import weights by industry-and examines how they co-move or diverge from the aggregate economy wide measures. The exercise suggests that researchers who use aggregate exchange rate indexes rather than industry-specific measures might overlook the empirical value of exchange rates for the producer profits of specific U.S. industries.

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Bibliographic Info

Article provided by Federal Reserve Bank of New York in its journal Economic Policy Review.

Volume (Year): (2004)
Issue (Month): May ()
Pages: 1-16

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Handle: RePEc:fip:fednep:y:2004:i:may:p:1-16:n:v.10no.1

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Related research

Keywords: Foreign exchange rates ; Industries;

References

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  1. Watson, Mark W., 1986. "Univariate detrending methods with stochastic trends," Journal of Monetary Economics, Elsevier, vol. 18(1), pages 49-75, July.
  2. Patricia S. Pollard & Cletus C. Coughlin, 2003. "Pass-through estimates and the choice of an exchange rate index," Working Papers 2003-004, Federal Reserve Bank of St. Louis.
  3. Pedersen, Torben Mark, 2001. "The Hodrick-Prescott filter, the Slutzky effect, and the distortionary effect of filters," Journal of Economic Dynamics and Control, Elsevier, vol. 25(8), pages 1081-1101, August.
  4. Jose Campa & Linda S. Goldberg, 1993. "Investment in Manufacturing, Exchange-Rates and External Exposure," NBER Working Papers 4378, National Bureau of Economic Research, Inc.
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