International Economics

<< N°165

  N°165  
Issue Q1 2021  
MULTIPRIL, a New Database on Multilateral Price Levels and Currency Misalignments  
Cécile Couharde
Carl Grekou
Valérie Mignon
 
This paper describes the new CEPII-MULTIPRIL database on Multilateral Price Levels (MPL) introduced in 2020. The MULTIPRIL database covers a wide sample of 178 countries over the 1990–2018 period, and includes relative price level series computed vis-à-vis two sets of trading partners (177 and the top 30) according to three different trade-weighting schemes. It also contains MPL-based currency misalignments series for 156 countries over the 1991–2018 period. MULTIPRIL offers the potential to improve the coverage and quality of worldwide price-competitiveness comparisons. By focusing on price level data, it usefully complements the EQCHANGE database on equilibrium exchange rates and currency misalignments derived from series in indices. Its multilateral setting provides a more comprehensive picture of relative price levels and currency misalignments compared to existing bilateral measures.
Abstract

   
Multilateral price levels ; Equilibrium exchange rates ; Currency misalignments ; Bayesian model averaging ; Keywords
F31 ; C32 ; C82 ; JEL classification
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