Even before a consensus had developed about the lessons from the East Asian crises, events in Brazil and Russia added grist to the policy analysts' mill. In this welter of conflicting interpretations, it is difficult to settle on an appropriate set of responses, in part because there is no...

Several alternative measures of effective exchange rates are discussed in the context of their theoretical underpinnings and actual construction. Focusing on contemporary indices and recently developed econometric methods, the empirical characteristics of these differing series are examined,...

Several alternative measures of "effective" exchange rates are discussed in the context of their theoretical underpinnings and actual construction. Focusing on contemporary indices and recently developed econometric methods, the empirical characteristics of these differing series are examined,...