English, Article, Journal or magazine article edition: Macroeconomic Volatility and Exchange Rate Pass-through under Internationalized Production Aurélien Eyquem; Güneş Kamber

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Macroeconomic Volatility and Exchange Rate Pass-through under Internationalized Production
Author
  • Aurélien Eyquem
  • GüneÅŸ Kamber
Physical Description
  • preprint
Notes
  • This paper shows that internationalized production, modelled as trade in inter- mediate goods, challenges the standard result according to which exchange rate volatility insulates small open economies from external shocks. Movements of relative prices aect the economy through an additional channel, denoted as the cost channel. We show that this channel also acts as an automatic stabilizer and that macroeconomic volatility is dramatically reduced when trade in intermedi- ate goods is taken into account. Finally, trade in intermediate goods aects the exchange rate pass-through to consumption prices and may contribute explain- ing the puzzle described by McCallum &​ Nelson (2000).
  • segregation, Schelling, potential function, coordination, tax, vote
  • RePEc:gat:wpaper:0915
Language
  • English
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