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| Author | : Andrew Atkeson |
| Publisher | : |
| Total Pages | : 51 |
| Release | : 2008 |
| Genre | : Foreign exchange rates |
| ISBN | : |
| Author | : Andrew Atkeson |
| Publisher | : |
| Total Pages | : 14 |
| Release | : 2007 |
| Genre | : International trade |
| ISBN | : |
We study the implications for international relative prices of a simple Ricardian model of international trade with imperfect competition and variable markups, providing a tractable account of firm-level and aggregate prices. We show that both trade costs and imperfect competition with variable markups are needed to account for pricing-to-market at the firm and aggregate levels. We also show that international trade costs are essential, but pricing-to-market is not, to account for a high volatility of tradeable consumer prices relative to the overall CPI-based real-exchange rate.
| Author | : Hamid Faruqee |
| Publisher | : International Monetary Fund |
| Total Pages | : 42 |
| Release | : 1995 |
| Genre | : Business & Economics |
| ISBN | : |
This paper investigates the consequences of pricing to market for exchange rate pass-through and real exchange rate dynamics across different patterns of trade under market segmentation. Under two-way, intraindustry trade--where home prices display greater linkage with those of foreign competitors--domestic and export prices exhibit lower pass-through and greater destination-specific adjustment compared to intersectoral trade. With both trade patterns, pricing-to-market behavior intensifies the degree of persistence in the real exchange rate under nominal rigidities, and allows monetary shocks to have permanent effects on relative prices when goods markets remain segmented.
| Author | : Mr.Kanda Naknoi |
| Publisher | : International Monetary Fund |
| Total Pages | : 50 |
| Release | : 2003-03-01 |
| Genre | : Business & Economics |
| ISBN | : 145184753X |
This paper examines the effects of trade costs on macroeconomic volatility. We first construct a dynamic, two-country general equilibrium model, where the degree of market integration depends directly on trade costs (transport costs, tariffs, etc.). The model is a extension of Obstfeld and Rogoff (1995). Naturally, a reduction in trade costs leads to more market integration, as the relative price of foreign goods falls and households increase their consumption of imported goods. In addition, with more market integration, the model predicts that the variability of the real exchange rate should fall, while the variability of the trade balance should increase. Trade costs have ambiguous effects on the volatility of other macro variables, such as income and consumption. Finally, we present some empirical findings that provide mixed support for the model's predictions.
| Author | : T. Wolf |
| Publisher | : Taylor & Francis |
| Total Pages | : 91 |
| Release | : 2013-07-04 |
| Genre | : Business & Economics |
| ISBN | : 113647191X |
Analyses the main institutional and policy determinants of the foreign trade behaviour of a centrally planned economy and studies factors that affect the level and pattern of foreign trade.
| Author | : Miklós Koren |
| Publisher | : |
| Total Pages | : 17 |
| Release | : 2004 |
| Genre | : |
| ISBN | : 9789639588233 |
| Author | : Nagwa Riad |
| Publisher | : International Monetary Fund |
| Total Pages | : 87 |
| Release | : 2012-01-15 |
| Genre | : Business & Economics |
| ISBN | : 1463973101 |
Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence of global supply chains and their increasing role in trade patterns allowed emerging market economies to boost their inputs in high-technology exports and is associated with increased trade interconnectedness.The analysis points to one important trend taking place over the last decade: the emergence of China as a major systemically important trading hub, reflecting not only the size of trade but also the increase in number of its significant trading partners.
| Author | : Mr.Peter B. Clark |
| Publisher | : International Monetary Fund |
| Total Pages | : 40 |
| Release | : 1997-10-01 |
| Genre | : Business & Economics |
| ISBN | : 1451936621 |
This paper investigates the consequences of exchange rate volatility on the variability of export prices and quantities in the presence of market segmentation and pricing to market. Firms stabilize destination prices through systematic price discrimination, limiting the degree of exchange rate pass-through. Consequently, the variability of exchange rates is not fully translated into prices and quantities at the point of destination. Empirical estimates using aggregate price data for the G-7 industrial countries show incomplete pass-through in variances, with considerable variation among these countries. U.S. industry specific data also indicate incomplete pass-through in most cases, with considerable variation across industries.
| Author | : J. Chami Batista |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2020 |
| Genre | : |
| ISBN | : |
The link between relative prices across countries and trade costs requires a theoretical foundation that is absent in the literature to date. Empirical tests on the law of one price are based on an arbitrage equation, which is of very limited relevance in understanding this link. The application of a new set of arbitrage equations to the tin trade market yields results that are consistent with our theoretical expectations. We find evidence in favor of the law of one price between the United States and Japan. However, evidence of price discrimination is also found for the Los Angeles market.
| Author | : Andrew Atkeson |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2008 |
| Genre | : Foreign exchange rates |
| ISBN | : |
