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- GO Pc i,c,2005 GO PUS i,US,2005 × exch.ratec,2005 =
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- GO Pindex i,c,t GO Pindex i,US,t × Ai,c exch.ratec,t where the constant Ai,c = GO Pc i,c,base/GO PUS i,US,base. Note that exch.ratec,t comes directly from the nominal exchange rate data, and GO Pindex is available for all countries in the KLEMS data (the gross output price index series is called GO P). Thus, the only thing remaining to calculate FXi,c,t is the time-constant Ai,c. GGDC gives gross output price estimates relative to US GDP for the year 2005 (in US dollars): GO RPi,c,2005 ≡ GO PUS i,c,2005/GDPUS US,2005. I calculate Ai,c by taking the following ratio: GO RPi,c,2005 GO RPi,US,2005 =
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- GO PUS i,c,2005 GO PUS i,US,2005 =
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- GO PUS i,c,2005/GDPUS US,2005 GO PUS i,US,2005/GDPUS US,2005 =
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- Thus, we calculate industry-level exchange rates using the formula FXi,c,t = GO Pindex i,c,t GO Pindex i,US,t × GO RPi,c,2005 GO RPi,US,2005 × exch.ratec,2005 exch.ratec,t . KLEMS databases are from the EU, Canada, Japan, Russia, and India.
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