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Illustrate about the Effective exchange rate
Assume that we are interested in external competitiveness of a country, say Japan. To do this we could look at evolution of a specific exchange rate, say exchange rate between the Japanese yen (JPY) and USD. The problem with this idea is that this exchange rate will reflect the external competitiveness and events in US as much as in Japan. If we want to isolate Japan without including events in other nations, we look at the effective exchange rate instead. Effective exchange rate is the price of a basket of currencies where every currency is weighted in relation to its significance to the country. Then such a price level is divided by a constant such that its value is exactly 100 at a given point in time. If, for instance, price index is 110 one year after the base year, then currency has depreciated by an average of 10% against other currencies that year.
Suppose that a grocery store buys milk for $2.10 and sells it for $2.60. If the milk gets old then the grocery store can sell their unsold milk back to their wholesaler for $0.60 (
Fiscal Policy An Increase in Government Spending: Figure 1 Let us examine how an increase in government spending affects the interest rate and the level of income.
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Real Exchange Rates (EXCH) is the next variable that will be analysed in this VAR. The reason for including exchange rates in the VAR is that they are an important channel through
discuss the action the procurement function should take to achieve raw materials at economic cost durin inflation
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