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Alternative Measures of the Swedish Real Effective Exchange Rate

  • Nilsson, Kristian

    ()

    (National Institute of Economic Research)

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    This study presents alternative measures of the Swedish real effective exchange rate (REER), based on three alternative weighting schemes and three alternative price indices. Pros and cons of alternative measures are discussed in the context of the REER as an indicator of competitiveness. Bivariate VAR-models are estimated in an effort to conclude whether or not the alternative REER measures contain leading information on real GDP, real investments and real net exports. The results may be interpreted as empirical support for the supposition that REERs based on export prices reflect competitiveness primarily for internationally trade goods and services, while REERs based on consumer prices serve as a broader indicator of competitiveness.

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    File URL: http://www.konj.se/download/18.70c52033121865b1398800093046/WP_68.pdf
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    Paper provided by National Institute of Economic Research in its series Working Paper with number 68.

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    Length: 38 pages
    Date of creation: 01 Dec 1999
    Date of revision:
    Handle: RePEc:hhs:nierwp:0068
    Contact details of provider: Postal: National Institute of Economic Research, P.O. Box 3116, SE-103 62 Stockholm, Sweden
    Phone: 46-(0)8-453 59 00
    Fax: 46-(0)8-453 59 80
    Web page: http://www.konj.se/
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    1. Froot, Kenneth A. & Rogoff, Kenneth, 1995. "Perspectives on PPP and long-run real exchange rates," Handbook of International Economics, in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 32, pages 1647-1688 Elsevier.
    2. Dixit, Avinash K, 1989. "Entry and Exit Decisions under Uncertainty," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 620-38, June.
    3. Steven A. Symansky & Peter B. Clark & Leonardo Bartolini & Tamim Bayoumi, 1994. "Exchange Rates and Economic Fundamentals; A Framework for Analysis," IMF Occasional Papers 115, International Monetary Fund.
    4. Peter B. Clark & Steven A. Symansky & Tamim Bayoumi & Mark P. Taylor, 1994. "Robustness of Equilibrium Exchange Rate Calculations to Alternative Assumptions and Methodologies," IMF Working Papers 94/17, International Monetary Fund.
    5. Jonathan D. Ostry, 1988. "The Balance of Trade, Terms of Trade, and Real Exchange Rate: An Intertemporal Optimizing Framework," IMF Staff Papers, Palgrave Macmillan, vol. 35(4), pages 541-573, December.
    6. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584.
    7. Geweke, John, 1984. "Inference and causality in economic time series models," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 19, pages 1101-1144 Elsevier.
    8. Arnold Harberger, 1986. "Economic Adjustment and the Real Exchange Rate," NBER Chapters, in: Economic Adjustment and Exchange Rates in Developing Countries, pages 369-424 National Bureau of Economic Research, Inc.
    9. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, June.
    10. Lafrance, Robert & Osakwe, Patrick & St-Amant, Pierre, 1998. "Evaluating Alternative Measures of the Real Effective Exchange Rate," Working Papers 98-20, Bank of Canada.
    11. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
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