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Measuring Competitiveness


J. Peter Neary


University of Oxford - Department of Economics; Centre for Economic Policy Research (CEPR)
September 2006

IMF Working Paper No. 06/209

Abstract:     
This paper reviews alternative approaches to measuring an economy's cost competitiveness and proposes some new measures inspired by the economic theory of index numbers. The indices provide a theoretical benchmark for estimated real effective exchange rates, but differ from standard measures in that they are based on marginal rather than average sectoral shares in GDP or employment. The use of the new indices is illustrated by some simple calculations that highlight the potential exposure of the Irish economy to fluctuations in the euro-sterling exchange rate.

Number of Pages in PDF File: 21

Keywords: Competitiveness, economic theory of index numbers, European Monetary Union (EMU), real effective exchange rates (REERs)

JEL Classification: F40, C43

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Date posted: October 31, 2006  

Suggested Citation

Neary, J. Peter, Measuring Competitiveness (September 2006). IMF Working Paper, Vol. , pp. 1-21, 2006. Available at SSRN: http://ssrn.com/abstract=941271

Contact Information

J. Peter Neary (Contact Author)
University of Oxford - Department of Economics ( email )
Manor Road Building
Manor Road
Oxford, OX1 3BJ
United Kingdom
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
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