JOURNAL ARTICLE
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Theoretische und empirische Schwierigkeiten bei der Schätzung von Wechselkurseffekten
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 95 (1975), Iss. 1 : pp. 1–15
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Tichy, Gunther
Abstract
Revaluations and devaluations are increasingly used as policy instruments. Little however is known about their effects. The study inquires whether foreign exchange elasticities can be approximated by price elasticities and discusses the peculiar concept of the foreign trade-price elasticity. Measured price elasticities very likely underestimate the true values and1 foreign exchange elasticities surely deviate from price elasticities. While these defects are very difficult to overcome, some statistical improvements are suggested: Construction of true foreign price indices instead of unit values and a more sophisticated weighting system for competitors prices. Furthermore a dynamic theory of devaluation should be developed.