期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：We propose a novel, multilaterally consistent productivity approach-based indicator to assessthe international price competitiveness of 57 industrialized and emerging economies. It isdesigned to be a useful assessment tool for monetary policy authorities and, thereby, differsfrom previously proposed indicators, which are hardly applicable on a day-to-day basis. Specialattention has been paid to an appropriate selection of price and productivity data in levels asopposed to indices, and to the treatment of country fixed effects when interpreting currencymisalignments. The discussion of the results focuses on the larger economies of the sample. Atthe current juncture, and in contrast to the prevailing view, we find US price competitiveness tobe above and China’s price competitiveness to be below its derived benchmark
