| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17250 |
| DP17250 Endogenous Product Adjustment and Exchange Rate Pass-Through | |
| Andreas Freitag; Sarah Lein | |
| 发表日期 | 2022-04-24 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We document how product quality responds to exchange rate movements and quantify the extent to which these quality changes affect the aggregate pass-through into export prices. We analyze the substantial sudden appreciation of the Swiss franc post removal of the 1.20-CHF-per-euro lower bound in 2015 using export data representing a large share of the universe of goods exports from Switzerland. We find that firms upgrade the quality of their products after the appreciation. Furthermore, they disproportionately remove lower-quality products from their product ranges. This quality upgrading and quality sorting effect accounts for a substantial share of the total pass-through one year after the appreciation. We cross-check our results with the microdata underlying the Swiss export price index, which includes an adjustment factor for quality based on firms' reported product replacements, and obtain similar results. |
| 主题 | International Macroeconomics and Finance ; International Trade and Regional Economics |
| 关键词 | Large exchange rate shocks Exchange rate pass-through quality adjustment |
| URL | https://cepr.org/publications/dp17250 |
| 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/546257 |
| 推荐引用方式 GB/T 7714 | Andreas Freitag,Sarah Lein. DP17250 Endogenous Product Adjustment and Exchange Rate Pass-Through. 2022. |
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