The measurement of effective exchange rates
AbstractThis paper reviews some of the major conceptual and methodological issues involved in the constructions of EER indices, focusing on nominal effective exchange rates. It then describes a mixed-weight index currently compiled by the BIS and subsequently analyses how the movements of the various indices have differed over time. No objective yardstick is provided whereby one index can be shown to be superior, although there is probably already more international agreement in this domain than meets the eye.
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Bibliographic InfoPaper provided by Bank for International Settlements in its series BIS Working Papers with number 10.
Length: 60 pages
Date of creation: Sep 1984
Date of revision:
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- June Flanders, M. & Tishler, Asher, 1981. "The role of elasticity optimism in choosing an optimal currency basket with applications to Israel," Journal of International Economics, Elsevier, vol. 11(3), pages 395-406, August.
- Peter Hooper & John Morton, 1978. "Summary measures of the dollar's foreign exchange value," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 783-789.
- Black, Stanley W, 1976. "Multilateral and Bilateral Measures of Effective Exchange Rates in a World Model of Traded Goods," Journal of Political Economy, University of Chicago Press, vol. 84(3), pages 615-21, June.
- Williamson, John, 1982. "A survey of the literature on the optimal peg," Journal of Development Economics, Elsevier, vol. 11(1), pages 39-61, August.
- Marc Klau & San Sau Fung, 2006. "The new BIS effective exchange rate indices," BIS Quarterly Review, Bank for International Settlements, March.
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