Value-Added Exchange Rates
---- Acknowledgements ----
This work was partly carried out while Johnson was a Visiting Scholar in the IMF Research Department. The views expressed in this paper are those of the authors and do not necessarily reflect those of the International Monetary Fund. We thank Sarma Jayanthi, Rhys Mendes, Steven Phillips, and Martin Schmitz for helpful comments, as well as seminar participants at the IMF and the CEPR/SNB Conference on Exchange Rates and External Adjustment. An August 2012 version of this paper circulated with the title: ``Value-Added Exchange Rates: measuring competitiveness with vertical specialization in trade.'' The data for this paper is available on our personal websites. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.