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Nominal and Real Effective Exchange Rates for Europe, 1870-2016: Some methodological issues

Jonas Ljungberg ()
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Jonas Ljungberg: Department of Economic History, Lund University, Postal: Department of Economic History, Lund University, Box 7083, S-220 07 Lund, Sweden

No 200, Lund Papers in Economic History from Lund University, Department of Economic History

Abstract: This paper presents and discusses a new database on nominal and real effective exchange rates for an extensive range of European countries spanning 1870-2016. Indeed, with the exception of a few countries, such long run historical series have not been previously constructed. To gage the validity of these series, comparisons with the BIS and IMF indices are conducted. In addition to stretching further back in time, it is shown that the new indices are more consistent and transparent in construction, even over the recent period. Limitations of the new series, relating to both some underlying data and the index problem are considered. Supplementary to the effective exchange rate indices, is a collection of cost of living or CPI indices 1870-1990, which are based on a critical survey in this paper of those indices which are widely used and abused.

Keywords: effective exchange rates; Europe; index problem; CPI (search for similar items in EconPapers)
JEL-codes: E31 F31 N13 N14 (search for similar items in EconPapers)
Pages: 57 pages
Date: 2019-06-27
New Economics Papers: this item is included in nep-his and nep-mac
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