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The paper analyses strategic behaviour in international trade in a macroeconomic setting. The microeconomic foundations are discussed first. Consumers face a two-stage decision problem, but the intertemporal aspects of the problem are left out of consideration. Profit maximizing firms behave as discriminating monopolists, driving a wedge between the real exchange rate and the relative price of products in a two-country, twocommodity world. Assuming equilibrium in both labour markets and both product markets the outcomes under imperfect competition and under perfect competition are compared. Applying a log-linear version of the model the impact of different shocks is derived analytically.

A macroeconomic two-country model with price-discriminating monopolists