|Publication type:||Contribution to magazine or newspaper|
|Title:||'Natural hedging' of exchange-rate risk: the role of imported input prices|
|Published in:||VOX: CEPR Policy Portal|
|Publisher / Ed. Institution:||Centre for Economic Policy Research|
|Subjects:||Input price; Import; Hedging; Exchange rate; International trade|
|Subject (DDC):||337: International economics and commerce|
|Abstract:||Recent literature on the role of imported inputs in exchange-rate adjustments of exports implicitly assumes full exchange-rate pass-through into imported input prices, which is a rather strong assumption. This column uses intermediate input prices to investigate the effect of exchange-rate fluctuations in Switzerland. It suggests an appreciation of the currency leads to higher profit margins through the import channel and imported inputs act as a natural means for hedging exchange-rate risks.|
|Fulltext version:||Published version|
|License (according to publishing contract):||Licence according to publishing contract|
|Departement:||School of Management and Law|
|Organisational Unit:||Center for Economic Policy (FWP)|
|Appears in collections:||Publikationen School of Management and Law|
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