ABSTRACT
Table 6.1 gives a breakdown of the periods of appreciation, depreciation, and basic stability for the currencies of those countries that were used in the study vis-a-vis the U.S. dollar. A period of appreciation means that the value of the foreign currency (e.g., British pound) was appreciating in U.S. dollar terms. As mentioned previously, all exchange rates are expressed as U.S. dollars per unit of foreign currency so that the regression coefficients of the exchange rate variable and its lags will be positive when import prices and exchange rates are moving in the same direction.
