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Real Exchange Rate Indexes for the Canadian Dollar

Robert Lafrance and Pierre St-Amant ()

Bank of Canada Review, 1999, vol. 1999, issue Autumn, 19-28

Abstract: In this article, the authors explain the methodology used to construct real exchange rate (RER) indexes. They also compare and assess various Canadian RER indexes from both an empirical and conceptual standpoint. The authors conclude that both theory and empirical evidence suggest that the best RER indexes are those based on unit labour costs. They note, however, that, for practical reasons, policy-makers should also consider RER indexes based on prices when formulating monetary policy.

Date: 1999
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