Working Papers, Konjunkturinstitutet - National Institute of Economic Research
Alternative Measures of the Swedish Real Effective Exchange Rate
Abstract: 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.
38 pages, December 1, 1999
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