Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/60620 
Authors: 
Year of Publication: 
2002
Series/Report no.: 
Staff Report No. 146
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
The paper studies the differential impact of exchange rate fluctuations on households in a country. I extend earlier research by relaxing the assumption of complete international sectoral specialization. My setup allows for the presence of several different sectors in a given country, each producing a different type of good. Combined with incomplete asset markets, the sectoral dimension leads to a heterogenous impact of exchange rate fluctuation within each country. In particular, although a depreciation of a country's currency has an adverse “beggar-thyself” effect for the country as a whole, a minority of households benefit.
Subjects: 
welfare, exchange rate fluctuations, international competitiveness
JEL: 
F31
F41
F42
Document Type: 
Working Paper

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