A macroeconomic model of international price discrimination

• 成果类型: Article
• 署名作者: Corsetti, G; Dedola, L
• 署名单位: European Central Bank; European University Institute
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2004.09.009
• 发表日期: 2005
• 页码: 129-155
• 关键词: Exchange-rate pass-through; deviations from the law of one price; international transmission; Distribution services; new open-macro macroeconomics

摘要

This paper builds a baseline two-country model of real and monetary transmission in the presence of optimal international price discrimination by firms. Distributing traded goods to consumers requires nontradables, making the price elasticity of demand country-specific and a function of the exchange rate. Profit-maximizing monopolistic firms drive a wedge between prices across countries, optimally dampening the response of import and consumer prices to exchange-rate movements. We derive general equilibrium expressions for the pass-through into import and consumer prices, tracing the differential impact of real and monetary shocks on marginal cost and markup fluctuations through the exchange rate. (c) 2004 Elsevier B.V. All rights reserved.