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RBA Glossary definition for exchange rates

exchange rates – The price of one currency expressed in terms of another currency. Any exchange rate can be quoted two ways, e.g. Australian dollars per US dollar (USD/AUD) or US dollars per Australian dollar (AUD/USD). The convention for the Australian dollar is that it is quoted as the foreign currency price of the Australian dollar. This is sometimes referred to as the 'Indirect' method of quoting.

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Appendix D: Data Sources and Definitions

1 Aug 1993 RDP 9310
Gordon Menzies and Geoffrey Heenan
It is the geometric weighted average of the bilateral real exchange rates for 22 of Australia's major trading partners. ... The bilateral real exchange rates are estimated using each country's consumer price index as the price deflator.
https://www.rba.gov.au/publications/rdp/1993/9310/appendix-d.html

A Sunk Cost Model

1 Aug 1993 RDP 9310
Gordon Menzies and Geoffrey Heenan
is the value of the exchange rate that will make hitherto exporting firms cease exporting. ... This abstracts from productivity shocks which would effect both the exchange rate and the total supply curve.
https://www.rba.gov.au/publications/rdp/1993/9310/sunk-cost-model.html

Evidence of Hysteresis

1 Aug 1993 RDP 9310
Gordon Menzies and Geoffrey Heenan
The combination of slack domestic demand and a (generally) lower exchange rate pushed P. ... x. –. real manufactured exports (logarithm). twi. –. the real trade-weighted exchange rate (logarithm).
https://www.rba.gov.au/publications/rdp/1993/9310/evidence-hysteresis.html

Explaining the Recent Performance of Australia's Manufactured Exports

1 Aug 1993 RDP 9310
Gordon Menzies and Geoffrey Heenan
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1993/9310.html

Appendix C: Regression Results

1 Aug 1993 RDP 9310
Gordon Menzies and Geoffrey Heenan
There were versions of the model where the structural break was insignificant and the exchange rate had a very high exchange rate elasticity, but these were abandoned because the time series ... In the end it was decided to use the real exchange rate
https://www.rba.gov.au/publications/rdp/1993/9310/appendix-c.html

References

1 Aug 1993 RDP 9310
Gordon Menzies and Geoffrey Heenan
Krugman (1989), ‘Persistent Trade Effects of Large Exchange Rate Shocks’,. Quarterly Journal of Economics. , ... Econometrica. , 57 (6), pp. 1361–1401. Pitchford, J. (1993), ‘The Exchange Rate and Macroeconomic Policy in Australia’, in A.
https://www.rba.gov.au/publications/rdp/1993/9310/references.html

Conclusion

1 Aug 1993 RDP 9310
Gordon Menzies and Geoffrey Heenan
Changes in these determinants of exports, or in the exchange rate, can permanently alter market structure. ... The catalytic role of the exchange rate in the process of structural change cannot be overstated.
https://www.rba.gov.au/publications/rdp/1993/9310/conclusion.html

Introduction

1 Aug 1993 RDP 9310
Gordon Menzies and Geoffrey Heenan
It tends to focus on exchange rate movements as the potential source of a permanent change in trade volumes. ... Therefore, changes in world and domestic demand could, in principle, be as important as changes in the exchange rate.
https://www.rba.gov.au/publications/rdp/1993/9310/introduction.html

Manufactured Exports: The Stylized Facts

1 Aug 1993 RDP 9310
Gordon Menzies and Geoffrey Heenan
Figure 2 shows the relationship between the real trade-weighted exchange rate and the growth of manufactured exports. ... Thus real exchange rate movements appear, in general, to be negatively correlated with the growth in manufactured exports.
https://www.rba.gov.au/publications/rdp/1993/9310/manufactured-exports.html

Appendix B: Sample Survey Results

1 Aug 1993 RDP 9310
Gordon Menzies and Geoffrey Heenan
20. Q18 : Was the exchange rate an important factor when you first decided to export?
https://www.rba.gov.au/publications/rdp/1993/9310/appendix-b.html