During the 1990s the United Kingdom experienced large and sudden
exchange rate movements that had no apparent impact on overall
consumer prices. This paper shows that the stability of U.K.
consumer prices was made possible in part by offsetting movements
in the price-cost margins of foreign exporters and in part by
offsetting price-cost margins in the U.K. distribution sector. At
the same time, U.K. manufacturers experienced margin swings in the
opposite direction, largely due to their role as exporters. Thus,
sterling depreciation boosted the profits of U.K. manufacturers and
squeezed the profits of U.K. distributors, while sterling
appreciation had the opposite effects.
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