Aggregate and sector-specific exchange rate indexes for the Portuguese economy

Fernando Alexandre (), Pedro Bação, João Cerejeira () and Miguel Portela ()

Notas Económicas, 2009, issue 30, 6-28

Abstract: In this paper, we compute and compare aggregate and sector-specific exchange rate indexes for the Portuguese economy. We find that alternative effective exchange rate indexes are very similar between them. We also find that sector-specific effective exchange rates are strongly correlated with aggregate indexes. Nevertheless, we show that sector-specific exchange rates are more informative than aggregate exchange rates in explaining changes in employment: whereas aggregate indexes are statistically insignificant in employment equations, regressions using sector-specific exchange rate indexes show a statistically significant and economically large effect of exchange rates on employment.

JEL-codes: F15 F16 F41 (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (10)

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Related works:
Working Paper: Aggregate and sector-specific exchange rate indexes for the Portuguese economy (2009)
Working Paper: Aggregate and sector-specific exchange rate indexes for the Portuguese economy (2009)
Working Paper: Aggregate and sector-specific exchange rate indexes for the Portuguese economy (2009)
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