| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14176 |
| DP14176 Exchange Rates and Consumer Prices: Evidence from Brexit | |
| Holger Breinlich; Elsa Leromain; Dennis Novy; Thomas Sampson | |
| 发表日期 | 2019-12-08 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper studies how the depreciation of sterling following the Brexit referendum affected consumer prices in the United Kingdom. Our identification strategy uses input-output linkages to account for heterogeneity in exposure to import costs across product groups. We show that, after the referendum, inflation increased by more for product groups with higher import shares in consumer expenditure. This effect is driven by both direct consumption of imported goods and the use of imported inputs in domestic production. Our results are consistent with complete pass-through of import costs to consumer prices and imply an aggregate exchange rate pass-through of 0.29. We estimate the Brexit vote increased consumer prices by 2.9 percent, costing the average household £870 per year. The increase in the cost of living is evenly shared across the income distribution, but differs substantially across regions. |
| 主题 | International Macroeconomics and Finance ; International Trade and Regional Economics |
| 关键词 | Brexit Exchange rate pass-through Import costs inflation |
| URL | https://cepr.org/publications/dp14176 |
| 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/543064 |
| 推荐引用方式 GB/T 7714 | Holger Breinlich,Elsa Leromain,Dennis Novy,et al. DP14176 Exchange Rates and Consumer Prices: Evidence from Brexit. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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