Exchange Rate Movements and Export Prices an Empirical Analysis

Isabelle Mejean

No 2004-27, Working Papers from Center for Research in Economics and Statistics

Abstract: This paper studies the effect of changes in the exchange rates oninternational trade prices by estimating exchange rate pass-throughelasticities for the 500 largest exporting industries of six OECD countries.In around half of the industries, export prices appear sensitive toexchange rate movements, casting doubt on the assumption of a fullpass-through of exchange rate movements into import prices at theroot of the Purchasing Power Parity relation. The high heterogeneityof the results both between sectors and between national exporterssuggests a pre-eminent role for structural factors, rather than macroeconomicones in the explanation of the phenomenon.

Date: 2004
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