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Pass-Through of Exchange Rates and Competition between Floaters and Fixers

Bergin, Paul R. - 2010

This paper studies how a rise in China's share of U.S. imports could lower pass-through of exchange rates to U.S. import prices. We develop a theoretical model with variable markups showing that the presence of exports from a country with a fixed exchange rate could alter the competitive...

Persistent link: https://www.econbiz.de/10012759674

The Mirage of Fixed Exchange Rates

Obstfeld, Maurice; Rogoff, Kenneth - 2021

This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global capital markets. Contrary to popular wisdom, industrialized-country monetary authorities easily have the resources to defend exchange parities against virtually any private...

Persistent link: https://www.econbiz.de/10013242908

Imperfect Asset Substitutability and Monetary Policy Under Fixed Exchange Rates

Obstfeld, Maurice - 2021

This paper presents a long-run model of the open economy in a world of fixed exchange rates and imperfect substitutability between bonds denominated in different currencies. The model explicitly accounts for the wealth flow accompanying current-account imbalance and for the flow of interest...

Persistent link: https://www.econbiz.de/10013230624

Bias in U.S. Import Prices and Demand

Feenstra, Robert C.; Shiells, Clinton R. - 2021

The purpose of the paper is to measure the potential bias in the U.S. import price index due to the appearance of new product varieties, or new foreign suppliers, and determine the effect of this bias on the estimated income elasticity of import demand. Existing import price indexes are based on...

Persistent link: https://www.econbiz.de/10013237262

U.S. Imports, Exports, and Tariff Data, 1989-2001

Feenstra, Robert C.; Romalis, John; Schott, Peter K. - 2021

This paper describes the updating of the NBER trade dataset, which now provides U.S. import and export values to the year 2001, disaggregated by Harmonized System (HS), Standard International Trade Classification (SITC), and the U.S. Standard Industrial Classification (SIC) categories. In...

Persistent link: https://www.econbiz.de/10013245505

The Euro and the Geography of International Debt Flows

Hale, Galina - 2014

but also spilled over beyond the euro area. Lower interest rates allowed peripheral countries to run bigger deficits … analyze the geography of international debt flows using multiple data sources and provide evidence that after the euro … euro area …

Persistent link: https://www.econbiz.de/10013055510

A Strategy for Launching the Euro

Obstfeld, Maurice - 2022

conversion rates between the Euro and the currencies of EMU" member states. Current EU legislation, notably the Maastricht treaty … Euro. " Unfortunately, most of these have potentially damaging side effects. One approach official Stage 2 offers of … contingent Euro forward contracts with value dates at the start of" Stage 3, allows a highly credible preannouncement of the …

Persistent link: https://www.econbiz.de/10013308606