=+called real effective exchange rates.) A rise in one of these numbers indicates a real appreciation of
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=+called real effective exchange rates.) A rise in one of these numbers indicates a real appreciation of the pound, that is, an increase in Britain’s price level relative to the average price level abroad measured in pounds. A fall is a real depreciation.
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International Economics
ISBN: 9780132146654
9th Edition
Authors: Paul R. Krugman, Maurice Obstfeld, Marc Melitz
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