Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive …, with more than half of transactions in our sample invoiced in neither sterling nor the exporter's currency. We then study … the relationship between invoicing currency choices and the response of import prices to exchange rate changes. We find …

framework and firm-level prices and quantities data for detailed products allowing us to both measure demand, and its changes …. This in turn allows us to measure how changes in TFP-Q, demand and markups ultimately affected revenue TFP, as well as …-recession is due to both a weakening of demand and a decreasing TFP-Q pushing down sales, markups, revenue TFP and labour …