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The Effect of Globalization on Market Structure, Industry Evolution and Pricing

May 31–01, 2013 Federal Reserve Bank of Dallas

Sponsored by Federal Reserve Bank of Dallas and Swiss National Bank

Increased globalization has heightened research and policy interest in the importance of external factors as drivers of inflation. The pricing decisions of firms are at the core of the analysis. Firms selling in multiple markets face more competition and experience additional complexities as they choose the currency in which to set their prices. Globalization has fundamentally altered the pricing power of many firms as markets become more competitive.


Agenda

Friday, May 31
8 a.m. Registration and Breakfast
8:45 a.m. Welcome and Opening Remarks
9 a.m. Product Introductions, Currency Unions and the Real Exchange Rate
Roberto Rigobon, Massachusetts Institute of Technology and National Bureau of Economic Research
Alberto Cavallo, Massachusetts Institute of Technology
Brent Neiman, University of Chicago and National Bureau of Economic Research
Discussant: Mario Crucini, Vanderbilt University
10:30 a.m. The Mode of Competition between Foreign and Domestic Goods, Pass-Through and External Adjustment
Raphael Auer, Swiss National Bank
Raphael Schoenle, Brandeis University
Discussant: Georg Strasser, Boston College
11:45 a.m. Lunch
1:30 p.m. Exchange Rate Pass-Through, Currency Invoicing and Trade Partners
Michael Devereux, University of British Columbia
Wei Dong, Bank of Canada
Ben Tomlin, Bank of Canada
Discussant: Andreas Fischer, Swiss National Bank
3 p.m. Importers, Exporters and Exchange Rate Disconnect
Oleg Itskhoki, Princeton University
Mary Amiti, Federal Reserve Bank of New York
Jozef Konings, University of Leuven
Discussant: Nicholas Li, University of Toronto
4:30 p.m. Market Structure and Cost Pass-Through in Retail
Gee Hee Hong, Bank of Canada
Nicholas Li
Discussant: Raphael Schoenle
6:30 p.m. Dinner
Saturday, June 1
8 a.m. Breakfast
8:30 a.m. Export Destinations and Input Prices: Evidence from Portugal
Paulo Bastos, The World Bank
Joana Silva, The World Bank
Eric Verhoogen, Columbia University
Discussant: Michael Sposi, Federal Reserve Bank of Dallas
10 a.m. Exporters and Shocks
Doireann Fitzgerald, Stanford University

Stefanie Haller, University College Dublin
Discussant: Logan Lewis, Federal Reserve Board
11:30 a.m. Chinese Exports and U.S. Import Prices
Benjamin Mandel, Federal Reserve Bank of New York
Discussant: Hakan Yilmazkuday, Florida International University
1 p.m. Lunch and Adjourn