| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3145 |
| DP3145 An Evaluation of International Asset Pricing Models | |
| Magnus Dahlquist; Torbjorn Sallstrom | |
| 发表日期 | 2002 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Nominal rigidities due to menu costs have become a standard element in closed economy macroeconomic modelling. The ?New Open Economy Macroeconomics? literature has investigated the implications of nominal rigidities in an open economy context and found that the currency in which prices are set has significant implications for exchange rate pass-through to import prices, the level of trade and net capital flows, and optimal monetary and exchange rate policy. While the literature has exogenously assumed in which currencies goods are priced, in this Paper we solve for the equilibrium optimal pricing strategies of firms. We find that the higher the market share of an exporting country in an industry, and the more differentiated its goods, the more likely its exporters will price in the exporter?s currency. Country size and the cyclicality of real wages play a role as well, but are empirically less important. We also show that when a set of countries forms a monetary union, the new currency is likely to be used more extensively in trade than the sum of the currencies it replaces. |
| 主题 | International Macroeconomics |
| 关键词 | Currency invoicing New open economy macroeconomics |
| URL | https://cepr.org/publications/dp3145 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532165 |
| 推荐引用方式 GB/T 7714 | Magnus Dahlquist,Torbjorn Sallstrom. DP3145 An Evaluation of International Asset Pricing Models. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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