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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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Measuring the Real Exchange Rate: Pitfalls and Practicalities

1 Aug 2001 RDP 2001-04
Luci Ellis
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2001/2001-04.html

Calculating a Real Exchange Rate Index

31 Dec 2001 RDP 2001-04
Luci Ellis
it is therefore not possible to derive the daily real bilateral exchange rates that comprise a daily real exchange rate index. ... Footnotes. Another way of looking at real exchange rates is as relative price levels adjusted for exchange rate movements
https://www.rba.gov.au/publications/rdp/2001/2001-04/calculating-a-real-exchange-rate-index.html

Appendix A: Data Sources

31 Dec 2001 RDP 2001-04
Luci Ellis
These are quarterly averages of daily exchange rates, recorded at noon New York time. ... Table A1: Datastream Codes for Bilateral Exchange Rates. Country. Exchange rate.
https://www.rba.gov.au/publications/rdp/2001/2001-04/appendix-a.html

The Implications of Different Exchange Rate Indices

31 Dec 2001 RDP 2001-04
Luci Ellis
Figure 4: Exchange Rate Indices. March 1995 = 100. Figure 5: Exchange Rate Indices. ... Similarly, these divergences can affect assessments of the position of the real exchange rate relative to ‘fundamentals’.
https://www.rba.gov.au/publications/rdp/2001/2001-04/implications-of-different-exchange-rate-indices.html

Measuring the Real Exchange Rate: Pitfalls and Practicalities

1 Aug 2001 RDP 2001-04
Luci Ellis
Research Discussion Paper – RDP 2001-04 Measuring the Real Exchange Rate: Pitfalls and Practicalities.
https://www.rba.gov.au/publications/rdp/2001/2001-04/

Introduction

31 Dec 2001 RDP 2001-04
Luci Ellis
For the exchange rate, however, the choices of which bilateral exchange rates to include and the appropriate weights to use are less clear-cut. ... There is no single ‘right’ measure of the exchange rate. Selection of the best available exchange rate
https://www.rba.gov.au/publications/rdp/2001/2001-04/introduction.html

Conclusion

31 Dec 2001 RDP 2001-04
Luci Ellis
Some of these are arithmetic considerations: geometric averages are preferable to arithmetic averages; period-average exchange rate indices should be constructed from period-average bilateral rates. ... Accordingly, there is no guarantee that the
https://www.rba.gov.au/publications/rdp/2001/2001-04/conclusion.html

Weighting Choices

31 Dec 2001 RDP 2001-04
Luci Ellis
This means that, unless some smoothing or other adjustment is applied, the weights in the exchange rate index will be subject to the same fluctuations as the exchange rates they are ... Of course, for reasons described in Section 2, a real AUD/SRD
https://www.rba.gov.au/publications/rdp/2001/2001-04/weighting-choices.html

References

31 Dec 2001 RDP 2001-04
Luci Ellis
Cox WM (1986), ‘A New Alternative Trade-weighted Dollar Exchange Rate Index’, Federal Reserve Bank of Dallas Economic Review, September, pp 20–28. ... Rhomberg RR (1976), ‘Indices of Effective Exchange Rates’, IMF Staff Papers, 23(1), pp
https://www.rba.gov.au/publications/rdp/2001/2001-04/references.html