Michael Devereux - Latest

• Trade Flows and Exchange Rates: Importers, Exporters and Products

  Staff Working Paper 2019-41 Michael Devereux, Wei Dong, Ben Tomlin

  Using highly disaggregated transaction-level trade data, we document the importance of new firm-level trade partner relationships and the addition of new products to existing relationships in driving aggregate trade flows.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Firm dynamics, International topics JEL Code(s): F, F1, F4

• Exchange Rate Pass-Through, Currency of Invoicing and Market Share

  Staff Working Paper 2015-31 Michael Devereux, Wei Dong, Ben Tomlin

  This paper investigates the impact of market structure on the joint determination of exchange rate pass-through and currency of invoicing in international trade. A novel feature of the study is the focus on market share of firms on both sides of the market—that is, exporting firms and importing firms.

  Content Type(s): Staff research, Staff working papers Topic(s): Exchange rates, Inflation and prices, Market structure and pricing JEL Code(s): F, F3, F4

• Predetermined Prices and the Persistent Effects of Money on Output

  Staff Working Paper 2001-13 Michael Devereux, James Yetman

  This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of staggered prices, but we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence.

  Content Type(s): Staff research, Staff working papers Topic(s): Monetary policy transmission JEL Code(s): E, E3, E30