Endogenous exchange-rate pass-through and self-validating exchange rate regimes

A long-standing question in open macroeconomics concerns the choice of currency denomination of nominal prices and contracts. A firm serving the export market may choose to set prices in its domestic currency in the currency of the market of destination or in a vehicle currency possibly indexing the...

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Autores principales:	Corsetti, Giancarlo, Pesenti, Paolo A.
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	TIPO DE CAMBIO MACROECONOMÍA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3829
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spelling	oai-20.500.12580-38292021-04-24T11:10:35Z Endogenous exchange-rate pass-through and self-validating exchange rate regimes Corsetti, Giancarlo Pesenti, Paolo A. TIPO DE CAMBIO MACROECONOMÍA A long-standing question in open macroeconomics concerns the choice of currency denomination of nominal prices and contracts. A firm serving the export market may choose to set prices in its domestic currency in the currency of the market of destination or in a vehicle currency possibly indexing these prices—fully or partially—to exchange rate movements. To the extent that nominal prices remain sticky the choice among these alternatives has crucial consequences for the design of stabilization policy—by determining the degree of exchange rate pass-through on export/import prices. However the causal relation may also go in the opposite direction as the currency denomination choice may itself depend among other factors on the stabilization strategy pursued by policymakers. 2019-11-01T00:07:00Z 2019-11-01T00:07:00Z 2015 Artículo 978-956-7421-48-0 https://hdl.handle.net/20.500.12580/3829 eng Series on Central Banking Analysis and Economic Policies no. 21 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 229-261 application/pdf Banco Central de Chile
institution	Banco Mundial
collection	Banco Mundial
language	eng
topic	TIPO DE CAMBIO MACROECONOMÍA
spellingShingle	TIPO DE CAMBIO MACROECONOMÍA Corsetti, Giancarlo Pesenti, Paolo A. Endogenous exchange-rate pass-through and self-validating exchange rate regimes
description	A long-standing question in open macroeconomics concerns the choice of currency denomination of nominal prices and contracts. A firm serving the export market may choose to set prices in its domestic currency in the currency of the market of destination or in a vehicle currency possibly indexing these prices—fully or partially—to exchange rate movements. To the extent that nominal prices remain sticky the choice among these alternatives has crucial consequences for the design of stabilization policy—by determining the degree of exchange rate pass-through on export/import prices. However the causal relation may also go in the opposite direction as the currency denomination choice may itself depend among other factors on the stabilization strategy pursued by policymakers.
format	Artículo
author	Corsetti, Giancarlo Pesenti, Paolo A.
author_facet	Corsetti, Giancarlo Pesenti, Paolo A.
author_sort	Corsetti, Giancarlo
title	Endogenous exchange-rate pass-through and self-validating exchange rate regimes
title_short	Endogenous exchange-rate pass-through and self-validating exchange rate regimes
title_full	Endogenous exchange-rate pass-through and self-validating exchange rate regimes
title_fullStr	Endogenous exchange-rate pass-through and self-validating exchange rate regimes
title_full_unstemmed	Endogenous exchange-rate pass-through and self-validating exchange rate regimes
title_sort	endogenous exchange-rate pass-through and self-validating exchange rate regimes
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3829
work_keys_str_mv	AT corsettigiancarlo endogenousexchangeratepassthroughandselfvalidatingexchangerateregimes AT pesentipaoloa endogenousexchangeratepassthroughandselfvalidatingexchangerateregimes
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Endogenous exchange-rate pass-through and self-validating exchange rate regimes

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