This paper examines the impact of exchange rate fluctuations on U.K. manufacturing exports. The results indicate a recursive structure in the long run, wherein prices influence the volume of exports demanded but are not influenced by it. They also indicate that U.K. exporters only partially...

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...