Regional Exchange Rate Indexes for the United States
构建了美国九个普查区域的汇率指数，发现它们与全国汇率指数存在显著差异，仅两个区域指数与全国指数可互换，提醒研究者用全国指数研究区域出口或经济增长时需谨慎。
In this paper we construct exchange rate indexes for the nine U.S. Bureau of the Census regions. The results indicate there are nontrivial differences between them and an identically created overall U.S. exchange rate index. The national index is cointegrated with only two of these regional indexes, and in a Granger sense, it is causing one regional index. In addition, our results indicate that two of the regional exchange rate indexes are interchangeable with the national index. These results show that researchers investigating how exchange rate changes affect regional exports or regional economic growth should be cautious in making inferences based upon a national exchange rate index.