LOCAL VERSUS PRODUCER CURRENCY PRICING: EVIDENCE FROM DISAGGREGATED DATA*

• 成果类型: Article
• 署名作者: Antoniades, Alexis
• 署名单位: Georgetown University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2012.00718.x
• 发表日期: 2012
• 页码: 1229-1241
• 关键词: exchange-rates; pass-through; ECONOMY; countries; CHOICE; MARKET; LAW

摘要

The pricing behavior of firms is a central issue in international macroeconomics. Using the introduction of the euro as a natural experiment I find that year-to-year volatility in import prices among Eurozone members diminished by 4% on average after the introduction of the euro. Additionally, I show that the magnitude of the drop was commensurate with the drop in exchange rate volatility. On the other hand, when looking at exports, I find that the introduction of the euro had no impact on export price volatility. The results support the hypothesis of producer currency pricing.