G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10585
DP10585 Market Structure and Exchange Rate Pass-Through
Raphael Auer; Raphael Schoenle
发表日期2015-05-10
出版年2015
语种英语
摘要We study firm-level pricing behavior through the lens of exchange rate pass-through and provide new evidence on how firm-level market shares and price complementarities affect pass-through decisions. Using micro-data from U.S. import prices, we identify two facts: First, exactly the firms that react the most with their prices to changes in their own costs are also the ones that react the least to changing competitor prices. Second, the response of import Prices to exchange rate changes is U-shaped in market share while it is hump-shaped in response to competitor prices. We show that both facts are consistent with a model based on Dornbusch (1987) that generates variable markups through a nested-CES demand system. Finally, based on the model, we find that direct cost pass-through and price complementarities play approximately equally important roles in determining pass-through but also partly offset each other. This suggests that equilibrium feedback effects in pricing are large. Omission of either channel in an empirical analysis results in a failure to explain how market structure affects price-setting in industry equilibrium.
主题International Macroeconomics ; Industrial Organization ; International Trade and Regional Economics
关键词Exchange rate pass-through Price complementarities Price setting U.s. import prices
URLhttps://cepr.org/publications/dp10585
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/539417
推荐引用方式
GB/T 7714
Raphael Auer,Raphael Schoenle. DP10585 Market Structure and Exchange Rate Pass-Through. 2015.
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