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Pricing-to-Market in Swedish Exports

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  • Alexius, Annika

    (Central Bank of Sweden)

  • Vredin, Anders

    ()
    (Department of Economics)

Abstract

In this paper fluctuations in prices of Swedish exports to five countries are investigated in order to test whether there are systematic differences between prices to different markets and whether relative export prices are systematically affected by macroeconomic conditions in destination countries. Simple correlations suggest that relative export prices are related to real exchange rates, but also to nominal exchange rates. Formal tests, based on an error-correction model, indicate that the deviations from no pricing-to-market and neutrality of money are quite common and persistent. Over a sample of 15 years, long run monetary neutrality is rejected in almost half of the cases. In most cases, the degree of pricing-to-market is also affected by aggregate demand (unemployment) in export markets.

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Bibliographic Info

Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 146.

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Length: 40 pages
Date of creation: Dec 1996
Date of revision:
Publication status: Forthcoming in Scandinavian Journal of Economics.
Handle: RePEc:hhs:hastef:0146

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Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden
Phone: +46-(0)8-736 90 00
Fax: +46-(0)8-31 01 57
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Web page: http://www.hhs.se/
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Related research

Keywords: export prices; exchange rates; pricing-to-market; neutrality of money; exchange-rate pass-through;

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Cited by:
  1. Tantirigama, Mangalika & Lee, Minsoo & Sanyal, Amal, 2008. "New Zealand's Pastoral Exports: Can Small Countries Practise Pricing-to-Market?," Review of Applied Economics, Review of Applied Economics, Review of Applied Economics, vol. 4(1-2).
  2. Bowe, Michael & Saltvedt, Thina M., 2004. "Currency invoicing practices, exchange rate volatility and pricing-to-market: evidence from product level data," International Business Review, Elsevier, Elsevier, vol. 13(3), pages 281-308, June.
  3. Leitemo, Kai & Soderstrom, Ulf, 2005. "Simple monetary policy rules and exchange rate uncertainty," Journal of International Money and Finance, Elsevier, Elsevier, vol. 24(3), pages 481-507, April.
  4. Alessio Emanuele BIONDO, 2010. "The Law of One Price: Survey of a Failure," Theoretical and Practical Research in Economic Fields, ASERS Publishing, ASERS Publishing, vol. 0(2), pages 168 - 182, December.
  5. Gottfries, N., 1999. "Market Shares, Financial Constraints, and Pricing Behavior in the Export Market," Papers, Uppsala - Working Paper Series 1999:15, Uppsala - Working Paper Series.
  6. Adolfson, Malin, 2001. "Export price responses to exogenous exchange rate movements," Economics Letters, Elsevier, Elsevier, vol. 71(1), pages 91-96, April.
  7. Anderton, Robert, 2003. "Extra-euro area manufacturing import prices and exchange rate pass-through," Working Paper Series, European Central Bank 0219, European Central Bank.
  8. Adolfson, Malin, 1999. "Swedish Export Price Determination: Pricing to Market Shares?," Working Paper Series 96, Sveriges Riksbank (Central Bank of Sweden).
  9. Adolfson, Malin, 2001. "Monetary Policy with Incomplete Exchange Rate Pass-Through," Working Paper Series in Economics and Finance, Stockholm School of Economics 476, Stockholm School of Economics.
  10. Friberg, Richard, 1997. "Should the core fear the outs? Price setting practices and international monetary transmission," Working Paper Series in Economics and Finance, Stockholm School of Economics 203, Stockholm School of Economics.
  11. Mallick, Sushanta & Marques, Helena, 2012. "Pricing to market with trade liberalization: The role of market heterogeneity and product differentiation in India’s exports," Journal of International Money and Finance, Elsevier, Elsevier, vol. 31(2), pages 310-336.

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