Real Exchange Rate and External Balance: How Important Are Price Deflators?
对比了基于不同价格平减指数（CPI、GDP平减指数、单位劳动成本）的实际有效汇率，发现只有单位劳动成本平减的汇率与外部平衡的变动模式一致，对研究汇率与贸易平衡关系的学者有参考价值。
Abstract This paper contrasts real effective exchange rate (REER) measures based on different deflators (consumer price index, GDP deflator, and unit labor cost) and discusses potential implications for the link—or lack thereof—between the REER and the external balance. We begin by comparing the evolution of different measures of REER to confirm that the choice of deflator plays a significant role in REER movements. A subsequent empirical investigation based on 35 developed and emerging market economies over 1995–2017 yields comprehensive and robust evidence that only the REER deflated by unit labor cost exhibits contemporaneous patterns consistent with the expenditure‐switching mechanism. Finally, we show that a standard open‐economy model with nominal rigidities and trade in intermediate goods is able to generate these aforementioned patterns.