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Pricing-to-Market and Exchange Rate Dynamics: A Primer

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Author Info
Carlo Frenquelli () (Università degli Studi di Macerata)
Abstract

This paper provides a graphical exposition for understanding Pricing-to-Market (PTM) from both the micro and macroeconomic points of view. In particular, the paper focuses on the microeconomic conditions necessary for firms to apply PTM, and on how monetary policy transmission mechanisms change when the economy is characterized by PTM, with special attention to its impact on exchange rates and other real variables. Finally, the paper attempts to determine whether, in presence of PTM, monetary policy is a beggar-thy-neighbor or prosper-thy-neighbor instrument.

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File URL: http://www.rivistapoliticaeconomica.it/2006/nov_dic/pdf/Frenquelli_eng.pdf
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Article provided by SIPI Spa in its journal Rivista di Politica Economica.

Volume (Year): 96 (2006)
Issue (Month): 6 (November-December)
Pages: 105-143
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Handle: RePEc:rpo:ripoec:v:96:y:2006:i:6:p:105-143

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Find related papers by JEL classification:
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
D42 - Microeconomics - - Market Structure and Pricing - - - Monopoly
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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  1. Engel, Charles, 1993. "Real exchange rates and relative prices : An empirical investigation," Journal of Monetary Economics, Elsevier, vol. 32(1), pages 35-50, August. [Downloadable!] (restricted)
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  2. Knetter, Michael M, 1989. "Price Discrimination by U.S. and German Exporters," American Economic Review, American Economic Association, vol. 79(1), pages 198-210, March. [Downloadable!] (restricted)
  3. Lane, Philip R., 2001. "The new open economy macroeconomics: a survey," Journal of International Economics, Elsevier, vol. 54(2), pages 235-266, August. [Downloadable!] (restricted)
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  4. Devereux, M.B. & Betts, C., 1999. "International Monetary Policy Coordination and Competitive Depreciation: A Re-Evaluation," UBC Departmental Archives 99-07, UBC Department of Economics.
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  5. Betts, Caroline & Devereux, Michael B., 1996. "The exchange rate in a model of pricing-to-market," European Economic Review, Elsevier, vol. 40(3-5), pages 1007-1021, April. [Downloadable!] (restricted)
  6. Betts, Caroline & Devereux, Michael B., 2000. "Exchange rate dynamics in a model of pricing-to-market," Journal of International Economics, Elsevier, vol. 50(1), pages 215-244, February. [Downloadable!] (restricted)
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