| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3688 |
| DP3688 Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31 | |
| Maurice Obstfeld; Alan M. Taylor | |
| 发表日期 | 2003-01-28 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | It is well known that the extent of pass-through of exchange rate changes to consumer prices is much lower than to import prices. One explanation is local distribution costs. Here we consider an alternative, complementary explanation based on the optimal pricing strategies of firms. We consider a model where foreign exporting firms sell intermediate goods to domestic firms. Domestic firms assemble the imported intermediate goods and sell final goods to consumers. When domestic firms face significant competition from other domestic final goods producing sectors (e.g., the non-traded goods sector) we show that they prefer to price in domestic currency, while exporting firms tend to price in the exporter's currency. In that case the pass-through to import prices is complete, while the pass-through to consumer prices is zero. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rate pass-through Currency trading |
| URL | https://cepr.org/publications/dp3688 |
| 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/532715 |
| 推荐引用方式 GB/T 7714 | Maurice Obstfeld,Alan M. Taylor. DP3688 Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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