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Keywords:Foreign exchange rates 

Working Paper
Exchange rates, optimal debt composition, and hedging in small open economies

This paper develops a model of the firm's choice between debt denominated in local currency and that denominated in foreign currency in a small open economy characterized by exchange rate risk and hedging possibilities. The model shows that the currency composition of debt and the level of hedging are endogenously determined as optimal firms' responses to a tradeoff between the lower cost of borrowing in foreign debt and the higher risk of such borrowing due to exchange rate uncertainty. Both the composition of debt and the level of hedging depend on common factors such as foreign exchange ...
Finance and Economics Discussion Series , Paper 2008-18

Report
"Beggar-thy-neighbor" or "beggar-thyself"? the income effect of exchange rate fluctuations

This paper analyzes the impact of exchange rate fluctuations when they are only partially passed through to consumer prices. We show that an exchange rate depreciation does not necessarily have a beggar-thy-neighbor effect and may in fact have an opposite, or beggar-thyself, effect. The direction of the welfare effect depends on who owns the firms importing goods from producers and selling them to consumers, an issue that has not been explored in the earlier literature
Staff Reports , Paper 112

Working Paper
The usual suspects? productivity and demand shocks and Asia-Pacific real exchange rates

The evidence for a productivity-based explanation for real exchange rate behavior of East Asian currencies is examined. Using sectoral output and employment data, relative prices and relative productivities are calculated for China, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand Time series regressions of the real exchange rate on relative prices indicate a role for relative prices for Indonesia, Japan and Korea. When examining real exchange rates and relative productivity ratios, one finds a relationship for Japan, Malaysia, the Philippines. Only when ...
Pacific Basin Working Paper Series , Paper 97-06

Working Paper
Trade integration, competition, and the decline in exchange-rate pass-through

Over the past twenty years, U.S. import prices have become less responsive to the exchange rate. We propose that a significant portion of this decline is a result of increased trade integration. To illustrate this effect, we develop an open economy DGE model in which trade occurs along both the intensive and extensive margins. The key element we introduce into this environment is strategic complementarity in price setting. As a result, a firm's pricing decision depends on the prices set by its competitors. This feature implies that a foreign exporter finds it optimal to vary its markup in ...
International Finance Discussion Papers , Paper 864

Journal Article
Readjustment of foreign currency values

Federal Reserve Bulletin , Issue Oct

Journal Article
Flexible exchange rates, multinational corporations, and accounting standards

Economic Review , Issue Fall , Pages 44-55

Journal Article
Target zones for exchange rates?

An examination of proposals to improve the international monetary system by creating central exchange rates and a discussion of why such a policy might not be in the best interest of the United States.
Economic Commentary , Issue Aug

Journal Article
Interest rates and exchange rates

FRBSF Economic Letter

Journal Article
A policymaker's perspective on exchange rate risk

Economics Update , Issue Jul , Pages 4, 6

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