全球智库信息集成服务系统(G2TT): DP13282 Invoicing and the Dynamics of Pricing-to-Market: Evidence from UK Export Prices around the Brexit Referendum

G2TT

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.