Measuring Competitiveness
Copyright policy )Measuring Competitiveness
This paper reviews alternative approaches to measuring an economy's cost competitiveness and proposes some new measures derived from the economic theory of index numbers. The indices provide a theoretical benchmark for estimated real effective exchange rates, but differ from standard measures in that they are based on marginal rather than average sectoral shares in GDP or employment. The use of the new indices is illustrated by some simple calculations which highlight the potential exposure of the Irish economy to fluctuations in the euro-sterling exchange rate.
- University of Oxford United Kingdom
- Centre for Economic Policy Research United Kingdom
- University College Dublin Ireland
- Trinity College Dublin Ireland
330, real effective exchange rates (REERs), Competitiveness; Economic theory of index numbers; European Monetary Union (EMU); Real effective exchange rates (REERs); Competition; Index numbers (Economics); Economic and Monetary Union; Foreign exchange rates--Ireland, Economic theory of index numbers, Index numbers, European Monetary Union (EMU), Foreign exchange rates--Ireland, Messung, Economic and Monetary Union, competitiveness; economic theory of index numbers; European Monetary Union (EMU); real effective exchange rates (REERs), General, [Export competitiveness;European Economic and Monetary Union;Competitiveness, economic theory of index numbers, European Monetary Union (EMU), real effective exchange rates (REERs), exchange rates, exchange rate, effective exchange rates, nominal exchange rate, Macroeconomic Aspects of International Trade and Finance], competitiveness, Competition, ddc:330, economic theory of index numbers, Lebenshaltungskosten, Real effective exchange rates (REERs), Competitiveness, Kaufkraftparität, Indexberechnung, Internationaler Wettbewerb, Index numbers (Economics), Ireland, F40, C43, Theorie, jel: jel:F40, jel: jel:C43
330, real effective exchange rates (REERs), Competitiveness; Economic theory of index numbers; European Monetary Union (EMU); Real effective exchange rates (REERs); Competition; Index numbers (Economics); Economic and Monetary Union; Foreign exchange rates--Ireland, Economic theory of index numbers, Index numbers, European Monetary Union (EMU), Foreign exchange rates--Ireland, Messung, Economic and Monetary Union, competitiveness; economic theory of index numbers; European Monetary Union (EMU); real effective exchange rates (REERs), General, [Export competitiveness;European Economic and Monetary Union;Competitiveness, economic theory of index numbers, European Monetary Union (EMU), real effective exchange rates (REERs), exchange rates, exchange rate, effective exchange rates, nominal exchange rate, Macroeconomic Aspects of International Trade and Finance], competitiveness, Competition, ddc:330, economic theory of index numbers, Lebenshaltungskosten, Real effective exchange rates (REERs), Competitiveness, Kaufkraftparität, Indexberechnung, Internationaler Wettbewerb, Index numbers (Economics), Ireland, F40, C43, Theorie, jel: jel:F40, jel: jel:C43
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