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Table 1.3 gives the foreign exchange rates for seven industrialized countries for years 1977-1998. Except for the United Kingdom, the exchange rate is de?ned as the units of foreign currency for one U.S. dollar; for the United Kingdom, it is de?ned as the number of U.S. dollars for one U.K. pound.
a. Plot these exchange rates against time and comment on the general behavior of the exchange rates over the given time period.
b. The dollar is said to appreciate if it can buy more units of a foreign currency. Contrarily, it is said to depreciate if it buys fewer units of a foreign currency. Over the time period 1977-1998, what has been the general behavior of the U.S. dollar? Incidentally, look up any textbook on macroeconomics or international economics to ?nd out what factors determine the appreciation or depreciation of a currency.
TABLE 1.3 EXCHANGE RATES FOR SEVEN COUNTRIES: 1977-1998
Year
Canada
France
Germany
Japan
Sweden
Switzerland
U.K.
1977
1.063300
4.916100
2.323600
268.6200
4.480200
2.406500
1.744900
1978
1.140500
4.509100
2.009700
210.3900
4.520700
1.790700
1.918400
1979
1.171300
4.256700
1.834300
219.0200
4.289300
1.664400
2.122400
1980
1.169300
4.225100
1.817500
226.6300
4.231000
1.677200
2.324600
1981
1.199000
5.439700
2.263200
220.6300
5.066000
1.967500
2.024300
1982
1.234400
6.579400
2.428100
249.0600
6.283900
2.032700
1.748000
1983
1.232500
7.620400
2.553900
237.5500
7.671800
2.100700
1.515900
1984
1.295200
8.735600
2.845500
237.4600
8.270800
2.350000
1.336800
1985
1.365900
8.980000
2.942000
238.4700
8.603200
2.455200
1.297400
1986
1.389600
6.925700
2.170500
168.3500
7.127300
1.797900
1.467700
1987
1.325900
6.012200
1.798100
144.6000
6.346900
1.491800
1.639800
1988
1.230600
5.959500
1.757000
128.1700
6.137000
1.464300
1.781300
1989
1.184200
6.380200
1.880800
138.0700
6.455900
1.636900
1.638200
1990
1.166800
5.446700
1.616600
145.0000
5.923100
1.390100
1.784100
1991
1.146000
5.646800
1.661000
134.5900
6.052100
1.435600
1.767400
1992
1.208500
5.293500
1.561800
126.7800
5.825800
1.406400
1.766300
1993
1.290200
5.666900
1.654500
111.0800
7.795600
1.478100
1.501600
1994
1.366400
5.545900
1.621600
102.1800
7.716100
1.366700
1.531900
1995
1.372500
4.986400
1.432100
93.96000
7.140600
1.181200
1.578500
1996
1.363800
5.115800
1.504900
108.7800
6.708200
1.236100
1.560700
1997
1.384900
5.839300
1.734800
121.0600
7.644600
1.451400
1.637600
1998
1.483600
5.899500
1.759700
130.9900
7.952200
1.450600
1.657300
Source: Economic Report of the President, January 2000 and January 2001.
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