| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13085 |
| DP13085 Vehicle Currency Pricing and Exchange Rate Pass-Through | |
| Natalie Chen; Wanyu Chung; Dennis Novy | |
| 发表日期 | 2018-07-28 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Using detailed firm-level transactions data for UK imports, this paper studies the relationship between invoicing currency choices and the response of import prices to exchange rate changes. We find that for transactions invoiced in a vehicle currency, import prices are much more sensitive to changes in the vehicle currency than in the bilateral exchange rate. Aggregate pass-through therefore substantially increases once we account for vehicle currencies. We also show how this translates into higher pass-through for UK consumer prices, in particular during the Great Recession and in the period following the Brexit referendum. Finally, we develop a theoretical framework to conceptualize exchange rate pass-through in the context of vehicle currency pricing. Overall, our results contribute to understanding the exchange rate disconnect puzzle, and have implications for the setting of monetary policy. |
| 主题 | International Macroeconomics and Finance ; International Trade and Regional Economics |
| 关键词 | Cpi Dollar Invoicing Sterling Vehicle currency pricing |
| URL | https://cepr.org/publications/dp13085 |
| 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/541890 |
| 推荐引用方式 GB/T 7714 | Natalie Chen,Wanyu Chung,Dennis Novy. DP13085 Vehicle Currency Pricing and Exchange Rate Pass-Through. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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