Marston, Richard C. - 1986
competitive, the real exchange rate based on general price series like the GDP deflator or the CPI index must continually fall … series would have had to fall over the 1973-83 period in order to keep U.S. traded goods competitive. The real exchange rate … based on GDP deflators, for example, would have had to fall by 38% relative to the real exchange rate based on unit labor …