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This paper reviews alternative approaches to measuring an economy's cost competitiveness and proposes some new measures inspired by the economic theory of index numbers. The indices provide a theoretical benchmark for estimated real effective exchange rates, but differ from standard measures in that they are based on marginal rather than average sectoral shares in GDP or employment. The use of the new indices is illustrated by some simple calculations that highlight the potential exposure of the Irish economy to fluctuations in the euro-sterling exchange rate.

Competition -- Econometric models. --- Electronic books. -- local. --- Index numbers (Economics). --- Ireland -- Economic conditions. --- Business & Economics --- Economic Theory --- Competition --- Index numbers (Economics) --- Econometric models. --- Ireland --- Economic conditions. --- Numbers, Index --- Competition (Economics) --- Competitiveness (Economics) --- Economic competition --- Economic aspects --- Economics --- Prices --- Economic indicators --- Indexation (Economics) --- Commerce --- Conglomerate corporations --- Covenants not to compete --- Industrial concentration --- Monopolies --- Open price system --- Supply and demand --- Trusts, Industrial --- Finance: General --- Foreign Exchange --- Labor --- Macroeconomics --- General Financial Markets: General (includes Measurement and Data) --- Price Level --- Inflation --- Deflation --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Finance --- Currency --- Foreign exchange --- Labour --- income economics --- Real effective exchange rates --- Consumer price indexes --- Cost of living --- Price indexes --- Economic theory --- Cost and standard of living