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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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Real Exchange Rates and Australian Export Competitiveness

1 Aug 1990 RDP 9005
Matthew T. Jones and Jenny Wilkinson
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1990/9005.html

Results

1 Aug 1990 RDP 9005
Matthew T. Jones and Jenny Wilkinson
Period. RER Index. Relative Prices. Exchange Rates. Mar Q 84 to Sep Q 86. ... The ABARE real exchange rate index is an arithmetic average of CPIs, adjusted for exchange rates.
https://www.rba.gov.au/publications/rdp/1990/9005/results.html

Real Exchange Rates and Australian Export Competitiveness

1 Aug 1990 RDP 9005
Matthew T. Jones and Jenny Wilkinson
Research Discussion Paper – RDP 9005 Real Exchange Rates and Australian Export Competitiveness.
https://www.rba.gov.au/publications/rdp/1990/9005/

Introduction

1 Aug 1990 RDP 9005
Matthew T. Jones and Jenny Wilkinson
Since there are several conceptual problems in defining and measuring real exchange rates, we briefly consider some of the concepts behind the construction of a real exchange rate index. ... We also discuss a number of methodological issues relating to
https://www.rba.gov.au/publications/rdp/1990/9005/introduction.html

References

1 Aug 1990 RDP 9005
Matthew T. Jones and Jenny Wilkinson
K. (1981), “A Revised Version of the Multilateral Exchange Rate Model”, IMF Staff Papers, vol. ... Juttner, D. J. (1988), “Effective Exchange Rates and Other Exchange Rate Indices”, Macquarie University Centre for Studies in Money, Banking and
https://www.rba.gov.au/publications/rdp/1990/9005/references.html

Summary

1 Aug 1990 RDP 9005
Matthew T. Jones and Jenny Wilkinson
The indices are calculated over the period 1960 to 1989 as geometric weighted averages of bilateral real exchange rates. ... The real exchange rate indices are estimated using the CPI as the price deflator.
https://www.rba.gov.au/publications/rdp/1990/9005/summary.html

Conceptual Issues

1 Aug 1990 RDP 9005
Matthew T. Jones and Jenny Wilkinson
This requires an index of real exchange rates. Another important consideration involved in the construction of an exchange rate index is the particular weighting scheme to use. ... Weighting bilateral exchange rates according to the value of our exports
https://www.rba.gov.au/publications/rdp/1990/9005/conceptual-issues.html

Technical Issues

1 Aug 1990 RDP 9005
Matthew T. Jones and Jenny Wilkinson
The nominal exchange rate measures are calculated as geometric averages of nominal exchange rates. ... See Brodsky (1982) for a discussion of the shortcomings of arithmetic exchange rate indices.
https://www.rba.gov.au/publications/rdp/1990/9005/technical-issues.html

Appendix

1 Aug 1990 RDP 9005
Matthew T. Jones and Jenny Wilkinson
The index is calculated as a geometric weighted average of nominal exchange rates. ... Table A.1 Selected Exchange Rate Measures. Real Export Weighted. Nominal Export Weighted.
https://www.rba.gov.au/publications/rdp/1990/9005/appendix.html