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Assessing the exchange rate's impact on U.S. manufacturing profits

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  • Juann Hung
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    Abstract

    Few studies have investigated how the large and persistent swings of the dollar over the past two decades have affected the profits of U.S. manufacturing firms. Using an econometric model of manufacturing profits, this article evaluates the overall impact of exchange rate changes on aggregate profits and the profits of exporting and import-competing firms.

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    File URL: http://www.newyorkfed.org/research/quarterly_review/1992v17/v17n4article3.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of New York in its journal Quarterly Review.

    Volume (Year): (1992)
    Issue (Month): Win ()
    Pages: 44-63

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    Handle: RePEc:fip:fednqr:y:1992:i:win:p:44-63:n:v.17no.4

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    Keywords: Foreign exchange rates ; Manufactures;

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    Cited by:
    1. Bartram, Sohnke M. & Karolyi, G. Andrew, 2006. "The impact of the introduction of the Euro on foreign exchange rate risk exposures," Journal of Empirical Finance, Elsevier, vol. 13(4-5), pages 519-549, October.
    2. Bartram, Sohnke M., 2007. "Corporate cash flow and stock price exposures to foreign exchange rate risk," Journal of Corporate Finance, Elsevier, vol. 13(5), pages 981-994, December.
    3. Du, Ding & Hu, Ou, 2012. "Exchange rate risk in the US stock market," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 22(1), pages 137-150.
    4. Muller, Aline & Verschoor, Willem F.C., 2006. "Asymmetric foreign exchange risk exposure: Evidence from U.S. multinational firms," Journal of Empirical Finance, Elsevier, vol. 13(4-5), pages 495-518, October.
    5. Gordon M. Bodnar & M.H. Franco Wong, 2000. "Estimating Exchange Rate Exposures: Some "Weighty" Issues," NBER Working Papers 7497, National Bureau of Economic Research, Inc.
    6. Martin, Anna D. & Madura, Jeff & Akhigbe, Aigbe, 1998. "A note on accounting exposure and the value of multinational corporations," Global Finance Journal, Elsevier, vol. 9(2), pages 269-277.
    7. Francis, Bill B. & Hasan, Iftekhar & Hunter, Delroy M., 2008. "Can hedging tell the full story? Reconciling differences in United States aggregate- and industry-level exchange rate risk premium," Journal of Financial Economics, Elsevier, vol. 90(2), pages 169-196, November.

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