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

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  • Juann Hung

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.

Suggested Citation

  • Juann Hung, 1992. "Assessing the exchange rate's impact on U.S. manufacturing profits," Quarterly Review, Federal Reserve Bank of New York, issue Win, pages 44-63.
  • Handle: RePEc:fip:fednqr:y:1992:i:win:p:44-63:n:v.17no.4
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    File URL: http://www.newyorkfed.org/research/quarterly_review/1992v17/v17n4article3.pdf
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    Citations

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    Cited by:

    1. 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.
    2. 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.
    3. Francis, Bill B. & Hasan, Iftekhar & Hunter, Delroy M., 2008. "Does hedging tell the full story? : Reconciling differences in US aggregate and industry-level exchange rate risk premia," Research Discussion Papers 14/2008, Bank of Finland.
    4. Lyonnet, Victor & Martin, Julien & Mejean, Isabelle, 2016. "Invoicing Currency and Financial Hedging," CEPR Discussion Papers 11700, C.E.P.R. Discussion Papers.
    5. 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.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    10. Bartram, Söhnke M. & Brown, Gregory W. & Minton, Bernadette A., 2010. "Resolving the exposure puzzle: The many facets of exchange rate exposure," Journal of Financial Economics, Elsevier, vol. 95(2), pages 148-173, February.

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    Keywords

    Foreign exchange rates ; Manufactures;

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