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The Effects of Foreign Exchange Movements on U.S. Domestic Prices

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Author Info
Feinberg, Robert M

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Abstract

This paper draws on the fields of international economics and industrial organization to model and empirically examine the relationship between currency-value fluctuations and domestic producer prices. The major focus is the issue of whether (and why) domestic industries differ systematically in their response to exchange rate changes. The major findings are that changes in the external value of the U.S. dollar between 1974 and 1987 passed most fully into domestic prices of industries heavily reliant on imported inports and producing goods highly substitutable for imports; highly capital-intensive and concentrated industries and those protected by extensive barriers to entry, both from domestic and foreign sources, have exhibited less domestic price change from the exchange rate movements. Copyright 1989 by MIT Press.

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Publisher Info
Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 71 (1989)
Issue (Month): 3 (August)
Pages: 505-11
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Handle: RePEc:tpr:restat:v:71:y:1989:i:3:p:505-11

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  1. Baldwin, John R. & Yan, Beiling, 2006. "Exchange Rate Cycles and Canada- U.S. Manufacturing Prices," Economic Analysis (EA) Research Paper Series 2006041e, Statistics Canada, Analytical Studies Branch. [Downloadable!]
    Other versions:
  2. Richard Baldwin & Richard K. Lyons, 1988. "The Mutual Amplification Effect of Exchange Rate Volatility and Unresponsive Trade Prices," NBER Working Papers 2677, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Patricia S. Pollard & Cletus C. Coughlin, 2004. "Size matters: asymmetric exchange rate pass-through at the industry level," Working Papers 2003-029, Federal Reserve Bank of St. Louis. [Downloadable!]
  4. Baldwin, John R. & Yan, Beiling, 2006. "Influences intérieures et étrangères sur les prix canadiens selon les mouvements cycliques du taux de change, 1974 à 1996," Série de documents de recherche sur l'analyse économique (AE) 2006043f, Statistics Canada, Direction des études analytiques. [Downloadable!]
  5. Zulfiqar Hyder & Sardar Shah, 2005. "Exchange Rate Pass-Through to Domestic Prices in Pakistan," Macroeconomics 0510020, EconWPA. [Downloadable!]
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  6. Ayoub Yousefi, 2000. "Merchandise Trade Balances of Less Developed Countries and Exchange Rate of the U.S. Dollar: Cases of Iran, Venezuela & Saudi Arabia," Working Papers 00002, University of Waterloo, Department of Economics, revised Feb 2000. [Downloadable!]
  7. Goldberg, Linda S., 1990. "Measuring External Openness: The Index Of Effective Exposure," Working Papers 90-19, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  8. Sophocles N. Brissimis & Theodora S. Kosma, 2006. "Market Conduct, Price Interdependence and Exchange Rate Pass-Through," Working Papers 51, Bank of Greece. [Downloadable!]
  9. Roberto Álvarez & Patricio Jaramillo & Jorge Selaive, 2008. "Exchange Rate Pass-Through into Import Prices: The Case of Chile," Working Papers Central Bank of Chile 465, Central Bank of Chile. [Downloadable!]
  10. Stan Kardasz & Ken Stollery, 2004. "Exchange Rate Pass-through in Canadian Manufacturing: Its Direct and Indirect Components," Working Papers 04001, University of Waterloo, Department of Economics, revised Jan 2004. [Downloadable!]
  11. Richard Baldwin & Richard Lyons, 1989. "Exchange Rate Hysteresis: The Real Effects of Large vs Small Policy Misalignments," NBER Working Papers 2828, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  12. Simon Burgess & Michael M. Knetter, 1996. "An International Comparison of Employment Adjustment to Exchange Rate Fluctuations," NBER Working Papers 5861, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  13. Stanley W. Kardasz & Kenneth R. Stollery, 2005. "Exchange rate pass-through in Canadian manufacturing: its direct and indirect components," Applied Economics, Taylor and Francis Journals, vol. 37(15), pages 1763-1776, August. [Downloadable!] (restricted)
  14. Baldwin, John R. & Yan, Beiling, 2006. "Les mouvements cycliques du taux de change et les prix dans les secteurs canadien et américain de la fabrication," Série de documents de recherche sur l'analyse économique (AE) 2006041f, Statistics Canada, Direction des études analytiques. [Downloadable!]
  15. Webber, A., 1999. "Dynamic and Long Run Responses of Import Prices to the Exchange Rate in the Asia-Pacific," Economics Working Papers WP99-11, School of Economics, University of Wollongong, NSW, Australia. [Downloadable!]
  16. Robert Feinberg & Mieke Meurs, 2005. "Exchange Rate Effects on Domestic Prices in Bulgaria and Poland: Progress in Making Markets?," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 12(2), pages 273-288, July. [Downloadable!] (restricted)
  17. Rebecca Hellerstein, 2004. "Who Bears the Cost of a Change in the Exchange Rate?," Econometric Society 2004 North American Summer Meetings 589, Econometric Society. [Downloadable!]
  18. Thorsten Hens, 1994. "Exchange Rates and Perfect Competition," Discussion Paper Serie A 466, University of Bonn, Germany. [Downloadable!]
  19. Yelena Takhtamanova, 2008. "Understanding changes in exchange rate pass-through," Working Paper Series 2008-13, Federal Reserve Bank of San Francisco. [Downloadable!]
  20. Baldwin, John R. & Yan, Beiling, 2006. "Domestic and Foreign Influences on Canadian Prices over Exchange Rate Cycles, 1974 to 1996," Economic Analysis (EA) Research Paper Series 2006043e, Statistics Canada, Analytical Studies Branch. [Downloadable!]
  21. Abdulnasser Hatemi-J & Manuchehr Irandoust, 2006. "The response of industry employment to exchange rate shocks: evidence from panel cointegration," Applied Economics, Taylor and Francis Journals, vol. 38(4), pages 415-421, March. [Downloadable!] (restricted)
  22. Richard Baldwin, 1988. "Some Empirical Evidence on Hysteresis in Aggregate US Import Prices," NBER Working Papers 2483, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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