Michael Devereux


Trade Flows and Exchange Rates: Importers, Exporters and Products

Staff Working Paper 2019-41 Michael Devereux, Wei Dong, Ben Tomlin
Using highly disaggregated transaction-level trade data, we document the importance of new firm level trade partner relationships and the addition of new products to existing relationships in driving long-run import flows.

Exchange Rate Pass-Through, Currency of Invoicing and Market Share

Staff Working Paper 2015-31 Michael Devereux, Wei Dong, Ben Tomlin
This paper investigates the impact of market structure on the joint determination of exchange rate pass-through and currency of invoicing in international trade. A novel feature of the study is the focus on market share of firms on both sides of the market—that is, exporting firms and importing firms.

Predetermined Prices and the Persistent Effects of Money on Output

Staff Working Paper 2001-13 Michael Devereux, James Yetman
This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of staggered prices, but we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Transmission of monetary policy JEL Code(s): E, E3, E30

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