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Exchange rate pass-through, currency of invoicing and market share

Devereux, Michael B.; Dong, Wei; Tomlin, Ben - 2015

This paper investigates the impact of market structure on the joint determination of exchange rate pass-through and currency of invoicing in international trade. A novel feature of the study is the focus on market share of firms on both sides of the market - that is, exporting firms and...

Persistent link: https://www.econbiz.de/10011304162

Borders and Nominal Exchange Rates in Risk-Sharing

Devereux, Michael B. - 2013

Models of risk-sharing predict that relative consumption growth rates across locations should be positively related to real exchange rate growth rates across the same areas. We investigate this hypothesis using a new multi-country and multi-regional data set. Within countries, we find evidence...

Persistent link: https://www.econbiz.de/10013079946

Trade flows and exchange rates : importers, exporters and products

Devereux, Michael B.; Dong, Wei; Tomlin, Ben - 2019

Using highly disaggregated transaction-level trade data, we document the importance of new firmlevel trade partner relationships and the addition of new products to existing relationships in driving long-run import flows. Moreover, we find that these margins are sensitive to movements in the...

Persistent link: https://www.econbiz.de/10012104327

The demand for trade protection over the business cycle

Auray, Stéphane; Devereux, Michael B.; Eyquem, Aurélien - In: Journal of money, credit and banking : JMCB 56 (2024) 4, pp. 865-898

Persistent link: https://www.econbiz.de/10014545035

Tariffs and Retaliation : A Brief Macroeconomic Analysis

Auray, Stéphane; Devereux, Michael B.; Eyquem, Aurélien - National Bureau of Economic Research - 2025

. We study both a unilateral 10pp tariff increase and a global trade war scenario with retalia- tory tariffs of a similar … magnitude. In either case, tariffs are always sharply contractionary for US GDP, increasing inflation and widening the trade … of monetary policy to the inflationary effects of tariffs, and the importance of trade in intermediate goods for the …

Persistent link: https://www.econbiz.de/10015409770

Monetary policy in economic crisis : a simple model of policy with external fiancial constraints

Devereux, Michael B.; Poon, Doris - In: International economic journal 25 (2011) 4, pp. 683-711

Persistent link: https://www.econbiz.de/10009490317

Collateral Advantage : Exchange Rates, Capital Flows, and Global Cycles

Devereux, Michael B.; Engel, Charles; Wu, Steve Pak Yeung - 2022

This paper explores the effect of global shocks in a two-country New Keynesian model in which US government debt has an advantage as a superior collateral asset in the balance sheets of banks. We show that the model can account for the observed response of the US dollar and US bond returns to a...

Persistent link: https://www.econbiz.de/10014076677

Globalisation, Pass-Through and the Optimal Policy Response to Exchange Rates

Devereux, Michael B. - 2014

In this paper we examine how monetary policy should respond to nominal exchange rates in a New Keynesian open economy model that allows for a non-trivial role for sterilised intervention. The paper develops the argument against the backdrop of the evolving policy-making environment of Asian...

Persistent link: https://www.econbiz.de/10013051760

Globalisation, Pass-Through and the Optimal Policy Response to Exchange Rates

Devereux, Michael B. - 2014

Persistent link: https://www.econbiz.de/10013052165

Discission of "Is exchange rate stabilization an appropriate cure for the Dutch disease?"

Devereux, Michael B. - In: International journal of central banking : IJCB 8 (2012) 1, pp. 47-51

Persistent link: https://www.econbiz.de/10009623042