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- Fidora, Michael & Schmitz, Martin (2020): The ECB’s enhanced effective exchange rate measures
This box introduces the ECB’s enhanced effective exchange rates (EERs) and harmonised competitiveness indicators (HCIs).
RePEc:ecb:ecbbox:2020:0006:2 Save to MyIDEAS - Thimann, Christian & Buldorini, Luca & Makrydakis, Stelios (2002): The effective exchange rates of the euro
This paper details the methodological framework underlying the construction of the effective exchange rate (EER) indicators of the euro.
RePEc:ecb:ecbops:20022 Save to MyIDEAS - Schmitz, Martin & De Clercq, Maarten & Fidora, Michael & Lauro, Bernadette & Pinheiro, Cristina (2012): Revisiting the effective exchange rates of the euro
This paper describes in detail the methodology currently used by the European Central Bank (ECB) to determine the nominal and real effective exchange rate indices of the euro. Building on the work of Buldorini et al. (2002), it shows how the ECB's techniques for calculating effective exchange rates have been updated over time and explains the related theoretical foundations. In particular, the paper discusses the use and development of trade weights based on trade in manufactured goods (taking account of third market effects), the trading partners selected, and the choice of deflators for constructing the real effective exchange rate indices. ... While the growing importance of China is reflected in the updated trade weights of euro effective exchange rates, it appears that the increasing integration of the euro area with other European economies accounts for the largest variation in trade weights. The US dollar, an anchor currency for a number of large emerging markets, continues to play an important role for the effective exchange rate of the euro and euro area competitiveness.
RePEc:ecb:ecbops:2012134 Save to MyIDEAS - Ho, Lok Sang (2012): Globalization, exports, and effective exchange rate indices
This paper offers a new way of compiling effective exchange rate indices, which is then shown to perform generally better in prototype equations explaining total real exports than other published indices. Researchers can use this method to compile effective exchange rates, real or nominal, readily for any country. ... Intensified globalization in the past two decades appears indicated by the higher elasticities of exports with respect to the real effective exchange rate over time.
RePEc:eee:jimfin:v:31:y:2012:i:5:p:996-1007 Save to MyIDEAS - Philipp Harms & Jakub Knaze (2021): Effective Exchange Rate Regimes and Inflation
This paper introduces a new effective exchange rate regime classification. ... Our new measure is computed as a trade-weighted average of bilateral exchange rate regimes, thus taking into account both direct and indirect relationships against all other currencies. We argue that our “effective” approach is superior when it comes to assessing the impact of exchange rate regimes on inflation, because fixing an exchange rate vis-`a-vis one currency does not completely anchor domestic prices in a world with multiple trading partners. Using our measure of effective exchange rate regimes in a standard empirical analysis of inflation determinants, we find that – compared to freely floating regimes – not only hard pegs, but also narrow and wide soft pegs are associated with significantly lower inflation rates. ... We find that the effect of fixing the exchange rate goes significantly beyond the “disciplining effect” on money growth, with the inflation reduction being at least as strong as the effect of an official inflation target.
RePEc:jgu:wpaper:2102 Save to MyIDEAS - Harms, Philipp & Knaze, Jakub (2021): Effective Exchange Rate Regimes and Inflation
This paper introduces a new effective exchange rate regime classification. ... Our new measure is computed as a trade-weighted average of bilateral exchange rate regimes, thus taking into account both direct and indirect relationships against all other currencies. We argue that our "effective" approach is superior when it comes to assessing the impact of exchange rate regimes on inflation, because fixing an exchange rate vis-'a-vis one currency does not completely anchor domestic prices in a world with multiple trading partners. Using our measure of effective exchange rate regimes in a standard empirical analysis of inflation determinants, we find that - compared to freely floating regimes - not only hard pegs, but also narrow and wide soft pegs are associated with significantly lower inflation rates. ... We find that the effect of fixing the exchange rate goes significantly beyond the "disciplining effect" on money growth, with the inflation reduction being at least as strong as the effect of an official inflation target.
RePEc:zbw:vfsc21:242340 Save to MyIDEAS - Imrana Asad & Nisar Ahmad & Zakir Hussain (2012): Impact of Real Effective Exchange Rate on Inflation in Pakistan
The objective of the study was to investigate the impact of real effective exchange rate on inflation in Pakistan. The time series data of real GDP, nominal GDP, real effective exchange rate, prices and money supply for the period of 1973 to 2007 was used in the study. It was concluded that the real effective exchange rate has impact upon inflation in Pakistan. The correlation matrix of the explanatory variables was calculated to establish the relationship among real effective exchange rate and with other variables. A positive and strong relationship between the real effective exchange rate and inflation was found.
RePEc:asi:aeafrj:v:2:y:2012:i:8:p:983-990:id:944 Save to MyIDEAS - Jean-Louis ARCAND & Patrick GUILLAUMONT & Sylviane GUILLAUMONT JEANNENEY (2002): The real effective exchange rate and deforestation
Based on an annual sample of 122 countries over the 1963-1994 period, this paper shows that real exchange rate depreciation reduces deforestation in relatively developed countries (with GDP per capita greater than $900) whereas it has the opposite effect in poor countries. A possible explanation for this result lies in the hypothesis that variations in the real exchange rate are perceived as being transitory in LDCs, given its high degree of instability in these countries.
RePEc:cdi:wpaper:178 Save to MyIDEAS - Shimazaki, M. & Solomou, S. (1999): Effective Exchange Rates in Japan, 1879-1938
This paper constructs nominal and real multilateral effective exchange rates ffor Japan during the period 1879-1938. Existing studies of Japanese quantitative economic history have tended to use the dollar-yen bilateral exchange rate.
RePEc:cam:camdae:9917 Save to MyIDEAS - Mirzosaid Sultonov (2011): Impact of remittances on the real effective exchange rate of tajikistan's national currency
This paper investigates the impact of remittance inflows on the real effective exchange rate of Tajikistan's national currency. The study reveals that money transfers significantly influence appreciation of the country's real effective exchange rate. ... Huge remittances have led to appreciation of its real exchange rate, stimulation of imports, decrease of competitiveness of the domestic economy, and further economic dependence on money transfers from emigrants.
RePEc:ebl:ecbull:eb-11-00877 Save to MyIDEAS