全球智库信息集成服务系统(G2TT): Distribution Margins, Imported Inputs, and the Sensitivity of the CPI to Exchange Rates

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w12121
来源ID	Working Paper 12121
	Distribution Margins, Imported Inputs, and the Sensitivity of the CPI to Exchange Rates
	Linda S. Goldberg; José Manuel Campa
发表日期	2006-03-27
出版年	2006
语种	英语
摘要	Border prices of traded goods are highly sensitive to exchange rates, but the CPI, and the retail prices of these goods, are more stable. Our paper decomposes the sources of this stability for twenty-one OECD countries, focusing on the important roles of distribution margins and imported inputs in transmitting exchange rate fluctuations into consumption prices. We provide rich cross-country and cross-industry details on distribution margins and their sensitivity to exchange rates, imported inputs used in different categories of consumption goods, and weights in consumption of nontradables, home tradables and imported goods. While distribution margins damp the sensitivity of consumption prices of tradable goods to exchange rates, they also lead to enhanced pass through when nontraded goods prices are sensitive to exchange rates. Such price sensitivity arises because imported inputs are used in production of home nontradables. Calibration exercises show that, at under 5 percent, the United States has the lowest expected CPI sensitivity to exchange rates of all countries examined. On average, calibrated exchange rate pass through into CPIs is expected to be closer to 15 percent.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w12121
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/569774
推荐引用方式 GB/T 7714	Linda S. Goldberg,José Manuel Campa. Distribution Margins, Imported Inputs, and the Sensitivity of the CPI to Exchange Rates. 2006.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w12121.pdf（349KB）	智库出版物		限制开放	CC BY-NC-SA	浏览