The Pass-through of Tariffs and Exchange Rates
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This paper shows that the currency in which traded goods are invoiced has a first-order implication for the short-run impact of tariffs on the economy. If prices are set in terms of producers currency (PCP), a unilateral tariff is contractionary on impact, reducing GDP, and causing a deterioration
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美国国家经济研究局创建时间：
2026-07-01
