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Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
Danmarks Nationalbank Working Papers No. 3
Verlag: 
Danmarks Nationalbank, Copenhagen
Zusammenfassung: 
The paper develops a simple stochastic new open macroeconomic model in which pricesetting firms' choice between producer currency pricing and local currency pricing is endogenous. We show that, in equilibrium, firms will denominate their export price contracts in the currency of the country with the lowest level of monetary variability. A welfare maximising government's choice of exchange rate regime is also analysed, and we find that a fixed exchange rate is preferable if the domestic monetary variability is higher than the foreign one.
Schlagwörter: 
new open-economy macroeconomics
producer currency pricing
local currency pricing
endogenous contract currencies
optimal exchange rate regime
JEL: 
F3
F4
Dokumentart: 
Working Paper
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