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Estimating the Real Effective Exchange Rate (REER) by Using the Unit Labor Cost (ULC) in Romania

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  • Pelinescu, Elena

    ()
    (Institute for Economic Forecasting, Bucharest.)

  • Caraiani, Petre

    ()
    (Institute for Economic Forecasting, Bucharest)

Abstract

The real effective exchange rate (REER) is one of the indicators that can provide good information about the competitiveness of a country. However, the computation of REER is not an easy task because of the lack of data in order to compute each country weight. In our paper we compute the weights by taking into account the third market effect according to Turner and Van't Dack's methodology (1993). We use different deflators in order to reveal their effects on the trajectory of the REER and on the competitiveness.

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File URL: http://www.ipe.ro/rjef/rjef4_06/rjef4_06_1.pdf
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Bibliographic Info

Article provided by Institute for Economic Forecasting in its journal Romanian Journal of Economic Forecasting.

Volume (Year): 3 (2006)
Issue (Month): 4 (December)
Pages: 5-22

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Handle: RePEc:rjr:romjef:v:3:y:2006:i:4:p:5-22

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Related research

Keywords: real effective exchange rate; unit labor cost; international competitiveness;

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References

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  1. Luca Buldorini & Stelios Makrydakis & Christian Thimann, 2002. "The effective exchange rates of the euro," Occasional Paper Series 02, European Central Bank.
  2. Nilsson, Kristian, 1999. "Alternative Measures of the Swedish Real Effective Exchange Rate," Working Paper 68, National Institute of Economic Research.
  3. Haug, Alfred A. & MacKinnon, James G. & Michelis, Leo, 2000. "European Monetary Union: a cointegration analysis," Journal of International Money and Finance, Elsevier, vol. 19(3), pages 419-432, June.
  4. Dominique Desruelle & Alessandro Zanello, 1997. "A Primeron the IMF's Information Notice System," IMF Working Papers 97/71, International Monetary Fund.
  5. Martine Durand & Jacques Simon & Colin Webb, 1992. "OECD's Indicators of International Trade and Competitiveness," OECD Economics Department Working Papers 120, OECD Publishing.
  6. Pelinescu Elena, 2005. "Cursul de schimb ca indicator de competitivitate," Revista OEconomica, Romanian Society for Economic Science, Revista OEconomica, issue 04, December.
  7. Martine Durand & Christophe Madaschi & Flavia Terribile, 1998. "Trends in OECD Countries' International Competitiveness: The Influence of Emerging Market Economies," OECD Economics Department Working Papers 195, OECD Publishing.
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Cited by:
  1. Elena Pelinescu & Marioara Iordan & Mihaela-Nona Chilian, 2012. "Competitiveness Of The Romanian Economy From European Perspective," New Trends in Modelling and Economic Forecast (MEF 2011), ROMANIAN ACADEMY – INSTITUTE FOR ECONOMIC FORECASTING & "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences, vol. 1(1), pages 86-104, January.

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