| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15019 |
| DP15019 Currency appreciation, distance to border and price changes: Evidence from Swiss retail prices | |
| Reto Foellmi; Adrian Jäggi; Fabian Schnell | |
| 发表日期 | 2020-07-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | How does the exchange rate affect the way that firms adjust their prices? We use quarterly firm and product price data, underlying the Swiss sectoral consumer price index. The data allows us to trace the pricing decisions of the identified firm over time and as a function of the distance to the border distance. The appreciation of the Swiss franc results in an increase in the probability of both positive and negative price changes. When a firm is more closely located to the border, the probability of a negative price change is higher. On the intensive margin, we document that an appreciation of the Swiss Franc leads to price reductions, and that this effect is stronger the closer a firm is located to the nearest border. However, for firms located far away from the border, an appreciation of the Swiss Franc leads to no price reductions or even increases. We rationalise this by the relative strengths of income and substitution effects. The substitution effect dominates for firms close to the border, while the income effect dominates for firms located further away from the border. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Price setting behavior of firms exchange rate Distance to border |
| URL | https://cepr.org/publications/dp15019 |
| 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/543968 |
| 推荐引用方式 GB/T 7714 | Reto Foellmi,Adrian Jäggi,Fabian Schnell. DP15019 Currency appreciation, distance to border and price changes: Evidence from Swiss retail prices. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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