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This study suggests that exchange rate policy be guided by evaluating several indices simultaneously... It describes the indices to be used and explains their computation. It evaluates the exchange rate strategy of Barbados in the period 1960-82 using the indices offered in this study and comparing with analysis based on conventional indices. The analysis explores whether it mattered a great deal in practice what the authorities objectives were, and whether conventional indices might have served as useful rough and ready proxies for the real effects. The study concludes with comments on the implications and limitations of the analysis.