including © notice, is given to the source. Global Value Chains and Effective Exchange Rates at the Country-Sector Level

We are grateful to Charles Engel, Stephanie Schmitt-Grohe, Martin Uribe and our discussants Martin Berka and Giorgio Valente for helpful comments and discussions. We would also like to thank seminar participants at Columbia and the ABFER annual conference in Singapore for useful comments and Joy Glazener for editorial assistance. All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications