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Keywords:Foreign exchange rates 

Working Paper
Market share and exchange rate pass-through in world automobile trade

This paper explores the relationship between exchange rate pass-through and market share for monopolistically competitive exporters. Under fairly general assumptions we show that pass-through should be high for exporters based in a country with a very large share of total destination market sales. For source countries with small and intermediate market shares, the theoretical relationship is potentially nonlinear and sensitive to assumptions about the nature of consumer demand and firm interactions. The model is estimated using a panel data set of automobile exports from France, Germany, ...
International Finance Discussion Papers , Paper 446

Working Paper
The impact of domestic market structure on exchange rate pass-through

Working Papers , Paper 90-25

Journal Article
Foreign exchange rates are predictable!

National Economic Trends , Issue Aug

Working Paper
Sterilized intervention, nonsterilized intervention, and monetary policy

Sterilized intervention is generally ineffective. Countries that conduct monetary policy using an overnight, interbank rate as an intermediate target automatically sterilize their interventions. Nonsterilized interventions can influence nominal exchange rates, but they conflict with price stability unless the underlying shocks prompting them are domestic in origin and monetary in nature. Nonsterilized interventions, however, are unnecessary since standard open-market operations can achieve the same result.
Working Papers (Old Series) , Paper 0110

Working Paper
Relative price volatility: what role does the border play?

We reexamine the effect of the U.S.-Canadian border on integration of markets. The paper updates work from our earlier paper, Engel and Rogers (1996). We consider alternative measures of deviations from the law of one price. We pay special attention to the effect of the U.S.-Canada free trade agreement on market integration. Our conclusions are unchanged: markets in the U.S. and Canada are more segmented than can be explained by the physical distance between the two locations. Formal trade barriers do not appear to explain much of that segmentation.
International Finance Discussion Papers , Paper 623

Working Paper
Realignment of the yen-dollar exchange rate: aspects of the adjustment process in Japan

The paper first surveys recent estimates of the appropriate yen dollar exchange rate that have been proposed in the literature. Most of the more careful estimates suggest that the yen was substantially undervalued against the dollar in early 1985 when it began its steep ascent and some of the estimates suggest that further appreciation from today's strong level is warranted. ; We then turn to the adjustment process. First, we present evidence that a narrowing of Japan's record trade surplus has already started to occur, particularly in real terms. Next, we show that external adjustment has ...
International Finance Discussion Papers , Paper 311

Working Paper
Exchange and interest rate management and the international transmission of disturbances

Working Papers , Paper 8802

Journal Article
Prices, profit margins, and exchange rates

Federal Reserve Bulletin , Issue Jun

Working Paper
International transmission of anticipated inflation under alternative exchange-rate regimes

This paper studies the international transmission of anticipated inflation. A two-country, two-good, two-currency, cash-in-advance model is used to examine analytically and numerically the consequences of changes in a country's inflation rate. Domestic monetary policy influences real activity at home through an inflation-tax channel. These real effects are transmitted to the foreign country via fluctuations in the real exchange rate. Under a flexible nominal exchange rate, inflation is a beggar-thy-neighbor policy. Under a fixed nominal exchange rate, each country suffers a welfare loss when ...
Research Working Paper , Paper 99-04

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