Alternative Measures of Effective Exchange Rates for Agricultural Trade

John Dutton and Thomas Grennes

European Review of Agricultural Economics, 1987, vol. 14, issue 4, 427-42

Abstract: Alternative measures of multilateral exchange-rate changes appropriate for agricultural trade are analyzed. The economic theory of index numbers was consulted in analyzing published exchange-rate indices and in constructing new indices. Comparisons among indices were made for the period 1970-85, and differences were found to be significant. Results were particularly sensitive to the use of global rather than bilateral trade weights used in the U.S. Department of Agriculture index. The relative importance of alternative exchange-rate measures and trade elasticities is illustrated in terms of an agricultural trade model. Copyright 1987 by Oxford University Press.

Date: 1987
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European Review of Agricultural Economics is currently edited by Timothy Richards, Salvatore Di Falco, Céline Nauges and Vincenzina Caputo

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