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Macroeconomics of International Price Discrimination.

  • Economics


codejie.dvi EUROPEAN UNIVERSITY INSTITUTE DEPARTMENT OF ECONOMICS EUI Working Paper ECO No. 2003/20 Macroeconomics of International Price Discrimination GIANCARLO CORSETTI and LUCA DEDOLA BADIA FIESOLANA, SAN DOMENICO (FI) All rights reserved. No part of this paper may be reproduced inany form Without permission of the author(s). ©2003 Giancarlo Corsetti and Luca Dedola Published in Italy in October 2003 European University Institute Badia Fiesolana I-50016 San Domenico (FI) Italy 1 Giancarlo Corsetti European University Institute and CEPR Luca Dedola Bank of Italy and Ente Einaudi This version: September 2003 1We thank Pierpaolo Benigno, Don Davis, Marguerita Duarte, Charles Engel, Raffaela Giordano, Dale Henderson, Sylvain Leduc, Maurice Obstfeld, Patrizio Pagano, Paolo Pesenti, Morten Ravn, Chris Sims and seminar participants at the Bank of Italy, University of California at Berkeley and Santa Cruz, Columbia University, Cornell University, Insead, the International Monetary Fund, the Interna- tional Research Forum on Monetary Policy at the European Central Bank, the 2002 NBER Summer Institute, the New York Fed, New York University, University of Pennsylvania, Princeton University, Yale University, and the 2001 meeting of the SED for helpful comments. Corsetti s work on this paper is part of a research network on The Analysis of International Capital Markets: Understanding Eu- rope s Role in the Global Economy , funded by the European Commission under the Research Training Network Programme (Contract No. HPRN-CT-1999-00067). The views expressed here are those of the authors, and do not necessarily reßect the position of the Bank of Italy or any other institution with which the authors are affiliated. Abstract This paper builds a baseline two-country model of real and monetary transmission in the presence of optimal international price discrimination by Þrms. Distributing traded goods to consumers requires nontradables, i

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