| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13183 |
| 来源ID | Working Paper 13183 |
| A Structural Approach to Identifying the Sources of Local-Currency Price Stability | |
| Pinelopi K. Goldberg; Rebecca Hellerstein | |
| 发表日期 | 2007-06-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | The inertia of the local-currency prices of traded goods in the face of exchange-rate changes is a well-documented phenomenon in International Economics. This paper develops a structural model to identify the sources of this local-currency price stability and applies it to micro data from the beer market. The empirical procedure exploits manufacturers' and retailers' first-order conditions in conjunction with detailed information on the frequency of price adjustments following exchange-rate changes to quantify the relative importance of local non-traded cost components, markup adjustment by manufacturers and retailers, and nominal price rigidities in the incomplete transmission of such changes to prices. We find that, on average, approximately 60% of the incomplete exchange rate pass-through is due to local non-traded costs; 8% to markup adjustment; 30% to the existence of own-brand price adjustment costs, and 1% to the indirect/strategic effect of such costs, though these results vary considerably across individual brands according to their market shares. |
| 主题 | Macroeconomics ; Business Cycles ; International Economics ; Trade ; International Finance ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w13183 |
| 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/570851 |
| 推荐引用方式 GB/T 7714 | Pinelopi K. Goldberg,Rebecca Hellerstein. A Structural Approach to Identifying the Sources of Local-Currency Price Stability. 2007. |
| 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 | ||
| w13183.pdf（454KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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