Title: On the distributional effects of exchange rate fluctuations
Description: "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"--Federal Reserve Bank of New York web site.
Subjects: Economic aspects, Economic aspects of Households, Foreign exchange rates, Households