Gateway to Think Tanks
来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP13282 |
DP13282 Invoicing and the Dynamics of Pricing-to-Market: Evidence from UK Export Prices around the Brexit Referendum | |
Meredith A. Crowley; Giancarlo Corsetti; Lu Han | |
发表日期 | 2022-01-02 |
出版年 | 2022 |
语种 | 英语 |
摘要 | We provide micro-econometric evidence that, following the large and persistent sterling depreciation after the Brexit referendum, on impact, exchange rate pass-through (ERPT) was complete for transactions invoiced in producer currency and low for sales invoiced either in a vehicle or in the destination market currency. Yet these differences strikingly narrowed within six quarters. A weaker currency did not translate into a persistent gain in price competitiveness for UK exports. At a granular level we find that UK exporters invoice in multiple currencies---even when shipping a product to the same destination---and switch currencies over time. Remarkably, we fail to detect significant changes in the relative shares of invoicing currencies in response to the Brexit shock. Last but not least, we find that UK firms price-to-market, i.e., adjust markups to bilateral exchange rate and CPI movements, only when they invoice sales in the destination-market currency. |
主题 | International Macroeconomics and Finance ; International Trade and Regional Economics |
关键词 | Exchange rates Pass through Law of one price Markup elasticity Vehicle currency Dominant currency Firm level data |
URL | https://cepr.org/publications/dp13282-4 |
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/545776 |
推荐引用方式 GB/T 7714 | Meredith A. Crowley,Giancarlo Corsetti,Lu Han. DP13282 Invoicing and the Dynamics of Pricing-to-Market: Evidence from UK Export Prices around the Brexit Referendum. 2022. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。