F4 - Macroeconomic Aspects of International Trade and Finance

• Import Price Dynamics in Major Advanced Economies and Heterogeneity in Exchange Rate Pass-Through

  Staff Working Paper 2008-39 Stephane Dees, Matthias Burgert, Nicolas Parent

  This paper aims at showing heterogeneity in the degree of exchange rate pass-through to import prices in major advanced economies at three different levels: 1) across destination markets; 2) across types of exporters (distinguishing developed economy from emerging economy exporters); and 3) over time.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Inflation and prices JEL Code(s): E, E3, E31, F, F3, F4, F41

• Do Central Banks Respond to Exchange Rate Movements? Some New Evidence from Structural Estimation

  Staff Working Paper 2008-24 Wei Dong

  This paper investigates the impact of exchange rate movements on the conduct of monetary policy in Australia, Canada, New Zealand and the United Kingdom. We develop and estimate a structural general equilibrium two-sector model with sticky prices and wages and limited exchange rate pass-through.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, International topics, Monetary policy framework JEL Code(s): F, F3, F4

• A Model of Housing Boom and Bust in a Small Open Economy

  Staff Working Paper 2008-9 Hajime Tomura

  This paper considers a dynamic stochastic general equilibrium model for a small open economy and finds that an improvement in the terms of trade causes a housing boom-bust cycle if the duration of the improvement is uncertain.

  Content Type(s): Staff research, Staff working papers Topic(s): Business fluctuations and cycles, Credit and credit aggregates JEL Code(s): E, E4, E44, F, F4, F41

• Welfare Effects of Commodity Price and Exchange Rate Volatilities in a Multi-Sector Small Open Economy Model

  Staff Working Paper 2008-8 Ali Dib

  This paper develops a multi-sector New Keynesian model of a small open economy that includes commodity, manufacturing, non-tradable, and import sectors. Price and wage rigidities are sector specific, modelled à la Calvo-Yun style contracts.

  Content Type(s): Staff research, Staff working papers Topic(s): Economic models, Exchange rate regimes, International topics JEL Code(s): E, E4, E5, E52, F, F3, F4

• Markups in Canada: Have They Changed and Why?

  Staff Working Paper 2008-7 Danny Leung

  Many empirical studies have examined the cyclical nature of the markup ratio. Until recently, few have attempted to ascertain the changes in the markup over a longer time horizon.

  Content Type(s): Staff research, Staff working papers Topic(s): Econometric and statistical methods JEL Code(s): E, E3, E31, F, F4, F41, L, L1, L11

• A Wave of Protectionism? An Analysis of Economic and Political Considerations

  Staff Working Paper 2008-2 Philipp Maier

  In light of the U.S. current account deficit, pressure is high on Asian countries to revalue their currencies. The calls from some U.S. policymakers for tariffs on imports from China has sparked fears that this could trigger a world-wide surge in protectionism.

  Content Type(s): Staff research, Staff working papers Topic(s): International topics, Recent economic and financial developments, Regional economic developments JEL Code(s): E, E6, E66, F, F3, F32, F4, F47