Measuring External Shocks to the City Economy: An Index of Export Prices and Terms of Trade

REAL ESTATE ECONOMICS, Spring 1997

Posted: 11 Apr 1997

Abstract

This paper details the construction of an index of export goods prices (the Export Price Index or EPI) for a panel of 196 metropolitan areas from 1977 to 1992. The EPI is an indicator of external demand shocks to the city economy which does not suffer from the causal ambiguity of the endogenous indicators such as income, employment or output. The creation of an index of aggregate export prices, the EPI, for the panel of areas provides both academicians and policy analysts with a new exogenous indicator that identifies demand price innovations and the terms of trade shocks to cities.

JEL Classification: R32

Suggested Citation

Pennington-Cross, Anthony N., Measuring External Shocks to the City Economy: An Index of Export Prices and Terms of Trade. REAL ESTATE ECONOMICS, Spring 1997, Available at SSRN: https://ssrn.com/abstract=9252

Anthony N. Pennington-Cross (Contact Author)

Marquette University - Dept. of Finance ( email )

P.O. Box 1881
Milwaukee, WI 53201-1881
United States

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