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Exchange Rate Pass Through To Export Prices

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The Exchange Rate Pass Through To Import And Export Prices

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Author : Ehsan U. Choudhri
language : en
Publisher: International Monetary Fund
Release Date : 2012-09-01

The Exchange Rate Pass Through To Import And Export Prices written by Ehsan U. Choudhri and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-09-01 with Business & Economics categories.

Using both regression- and VAR-based estimates, the paper finds that the exchange rate pass-through to import prices for a large number of countries is incomplete and larger than the pass-through to export prices. Previous studies have reported similar results, which give rise to the puzzle that while local currency pricing is needed to account for incomplete import price pass-through, it would not imply a lower export price pass-through. Recent explanations of this puzzle have emphasized markup adjustment in response to exchange rate changes. This paper suggests an alternative explanation based on the presence of both producer and local currency pricing. Using a dynamic general equilibrium model, the paper shows that a mix of producer and local currency pricing can explain the pass-through evidence even with a constant markup. The model can also explain the observed exchange rate and inflation variability as well as the fact that the regression and VAR estimates tend to be similar.

Exchange Rate Pass Through To Export Prices

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Author :
language : en
Publisher:
Release Date : 2007

Exchange Rate Pass Through To Export Prices written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Exchange rate pass-through categories.

"A growing body of empirical work has found evidence of a decline in exchange rate pass-through to import prices in a number of industrial countries. Our paper complements this work by examining pass-through from the other side of the transaction; that is, we assess the exchange rate sensitivity of export prices (denominated in the exporter's currency). We first sketch out a streamlined analytical model that highlights some key factors that determine pass-through. Using this model as reference, we find that the prices charged on exports to the United States are more responsive to the exchange rate than is the case for export prices to other destinations, which is consistent with results in the literature suggesting that import price pass-through in the U.S. market is relatively low. We also find that moves in the exchange rate sensitivity of export prices over time have been significantly affected by country and region-specific factors, including the Asian financial crisis (for emerging Asia), deepening integration with the United States (for Canada), and the effects of the 1992 ERM crisis (for the United Kingdom)"--Federal Reserve Board web site.

Quality Trade And Exchange Rate Pass Through

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Author : Natalie Chen
language : en
Publisher: International Monetary Fund
Release Date : 2014-03-12

Quality Trade And Exchange Rate Pass Through written by Natalie Chen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-03-12 with Business & Economics categories.

This paper investigates theoretically and empirically the heterogeneous response of exporters to real exchange rate fluctuations due to product quality. Our model shows that the elasticity of demand perceived by exporters decreases with a real depreciation and with quality, leading to more pricing-to-market and to a smaller response of export volumes to a real depreciation for higher quality goods. We test the proposed theory using a highly disaggregated Argentinean firm-level wine export dataset between 2002 and 2009 combined with experts wine rankings as a measure of quality. The model predictions find strong support in the data and the results are robust to different measures of quality, samples, specifications, and to the potential endogeneity of quality.

Exchange Rate Pass Through To Export Prices

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Author : Robert J. Vigfusson
language : en
Publisher:
Release Date : 2008

Exchange Rate Pass Through To Export Prices written by Robert J. Vigfusson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.

A growing body of empirical work has found evidence of a decline in exchange rate pass-through to import prices in a number of industrial countries. Our paper complements this work by examining pass-through from the other side of the transaction; that is, we assess the exchange rate sensitivity of export prices (denominated in the exporter's currency). We first sketch out a streamlined analytical model that highlights some key factors that determine pass-through. Using this model as reference, we find that the prices charged on exports to the United States are more responsive to the exchange rate than is the case for export prices to other destinations, which is consistent with results in the literature suggesting that import price pass-through in the U.S. market is relatively low. We also find that moves in the exchange rate sensitivity of export prices over time have been significantly affected by country and region-specific factors, including the Asian financial crisis (for emerging Asia), deepening integration with the United States (for Canada), and the effects of the 1992 ERM crisis (for the United Kingdom).

Explaining The Exchange Rate Pass Through In Different Prices

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Author : Hamid Faruqee
language : en
Publisher: International Monetary Fund
Release Date : 2002-12

Explaining The Exchange Rate Pass Through In Different Prices written by Hamid Faruqee and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-12 with Business & Economics categories.

This paper examines the performance of different new open economy macroeconomic models in explaining the exchange rate pass-through in a wide range of prices. Quantitative versions of different models are used to derive the dynamic response of various prices to an exchange rate shock. Predicted responses are compared with the evidence based on VAR models to examine how well different models fit the data. The results show that the best-fitting model incorporates a number of features highlighted by different strands of the literature: sticky prices, sticky wages, distribution costs, and a combination of local and producer currency pricing.

The Real Exchange Rate And Prices Of Traded Goods In Oecd Countries

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Author : Holger Brauer
language : en
Publisher: Springer Science & Business Media
Release Date : 2003

The Real Exchange Rate And Prices Of Traded Goods In Oecd Countries written by Holger Brauer and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Foreign exchange rates categories.