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A careful basic theoretical and econometric analysis of the factors determining the real exchange rates of Canada, the U.K., Japan, France and Germany with respect to the United States is conducted. The resulting conclusion is that real exchange rates are almost entirely determined by real factors relating to growth and technology such as oil and commodity prices, international allocations of world investment across countries, and underlying terms of trade changes. Unanticipated money supply shocks, calculated in five alternative ways have virtually no effects. A Blanchard-Quah VAR analysis also indicates that the effects of real shocks predominate over monetary shocks by a wide margin. The implications of these facts for the conduct of monetary policy in countries outside the U.S. are then explored leading to the conclusion that all countries, to avoid exchange rate overshooting, have tended to automatically follow the same monetary policy as the United States. The history of world monetary policy is reviewed along with the determination of real exchange rates within the Euro Area.

Economics/Management Science. --- Macroeconomics/Monetary Economics. --- Econometrics. --- International Economics. --- Statistics for Business/Economics/Mathematical Finance/Insurance. --- Economics. --- Economics --- International economics. --- Macroeconomics. --- Economie politique --- Econométrie --- Macroéconomie --- Statistics. --- Interest rates. --- Foreign exchange rates. --- Monetary policy. --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Money market rates --- Rate of interest --- Rates, Interest --- Interest --- Rates --- E-books --- AA / International- internationaal --- 333.450 --- 333.420.1 --- 333.825 --- 333.432.8 --- Interest rates --- Foreign exchange rates --- Monetary policy --- 332.4 --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit. --- Koopkracht van geld. Monetaire (on)stabiliteit. --- Deviezenpolitiek. Interventies. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Koopkracht van geld. Monetaire (on)stabiliteit --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Theorie van het deviezenverkeer. Theorie van de koopkrachtpariteit --- Deviezenpolitiek. Interventies

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This book deals with the currently most relevant topics in price index numbers theory and practice. The problem of the harmonization of Consumer Price Indexes (CPIs) and the time-space integration of baskets is analyzed at the EU-zone level, with methodological and practical proposals on how to proceed for an overall treatment of the matter. Another issue is comparisons between Purchasing Power Parities (PPPs) and CPIs. Likewise, the construction of sub-indexes for households, economic and social groups is investigated, in order to obtain specific inflation measurement instruments. The book provides evidence from the most updated databases. Among the other issues treated in this book are spatial comparisons of price levels through PPPs and the international comparisons of macroeconomic aggregates, a re-consideration of index numbers theory, the measurement of production in non-market services, deflation problems, and price indexes in financial markets.

Statistical science --- Macroeconomics --- Microeconomics --- Quantitative methods (economics) --- Mathematical statistics --- Business economics --- statistiek --- macro-economie --- micro-economie --- econometrie --- statistisch onderzoek --- AA / International- internationaal --- 305.0 --- 306.111 --- 304.1 --- Consumer price indexes --- Purchasing power parity --- Index numbers (Economics) --- Economics --- -Cost and standard of living --- Inflation (Finance) --- 338.528 --- Economic theory --- Political economy --- Social sciences --- Economic man --- Finance --- Natural rate of unemployment --- Comfort, Standard of --- Cost of living --- Food, Cost of --- Household expenses --- Living, Cost of --- Living, Standard of --- Standard of living --- Consumption (Economics) --- Home economics --- Households --- Quality of life --- Wealth --- Luxury --- Prices --- Purchasing power --- Wages --- Numbers, Index --- Economic indicators --- Indexation (Economics) --- Consumer price index --- Cost of living indexes --- CPIs (Consumer price indexes) --- Retail price indexes --- Cost and standard of living --- Price indexes --- Law of one price --- One price, Law of --- Parity, Purchasing power --- Foreign exchange --- Toegepaste econometrie en statistiek (algemene naslagwerken). Statistische onderzoekingen en studiën --- Detailprijzen en kosten van levensonderhoud. Indexcijfers van de kleinhandelsprijzen --- Theorie van de indexcijfers --- Statistical methods --- Surveys