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| Title: | | Arm's-length transactions as a source of incomplete cross-border transmission: The case of autos  |
| Authors: | | Hellerstein, Rebecca Villas-Boas, Sofia Berto |
| Issue Date: | | 2006 |
| Series/Report no.: | | Staff Report, Federal Reserve Bank of New York 251 |
| Abstract: | | A large share of international trade occurs through intrafirm transactions. We show that this common cross-border organization of the firm has implications for the welldocumented incomplete transmission of shocks across such borders. We present new evidence of an inverse relationship between a firm’s outsourcing of inputs and its rate of exchange rate pass-through. We then develop a structural econometric model with final assemblers and upstream parts suppliers to quantify how firms’ organization of their activities across national borders affects their pass-through behavior. |
| Subjects: | | exchange rate pass-through, intrafirm trade, outsourcing, vertical contracts |
| JEL: | | F14 F3 F4 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Staff Reports, Federal Reserve Bank of New York
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