On the trade impact of nominal exchange rate volatility |
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| Affiliation: | 1. University of Warwick, CAGE, UK;2. CESifo, Germany;3. CEPR, UK;4. International Monetary Fund, United States;1. The World Bank, Office of the Chief Economist of the Africa Region (AFRCE), USA;2. OECD, France;1. Bank of France, CEPII, France;2. EconomiX-CNRS, University of Paris Ouest, France;1. Department of Accounting, Finance and Economics, Oxford Brookes University, Oxford, United Kingdom;2. Division Chief at Undersecretariat of Treasury, Turkish Treasury, Turkey;3. Department of Economics, City University London, United Kingdom |
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| Abstract: | What is the effect of nominal exchange rate variability on trade? I argue that the methods conventionally used to answer this perennial question are plagued by a variety of sources of systematic bias. I propose a novel approach that simultaneously addresses all of these biases, and present new estimates from a broad sample of countries from 1970 to 1997. The estimates indicate that nominal exchange rate variability has no significant impact on trade flows. |
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