| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13620 |
| 来源ID | Working Paper 13620 |
| Pass-through of Exchange Rates and Competition Between Floaters and Fixers | |
| Paul R. Bergin; Robert C. Feenstra | |
| 发表日期 | 2007-11-28 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper studies how a rise in China's share of U.S. imports could lower pass-through of exchange rates to U.S. import prices. We develop a theoretical model with variable markups showing that the presence of exports from a country with a fixed exchange rate could alter the competitive environment in the U.S. market. In particular, this encourages exporters from other countries to lower markups in response to a U.S. depreciation, thereby moderating the pass-through to import prices. Free entry is found to further moderate the pass-through, in that a U.S. depreciation encourages entry of exporters whose costs are shielded by the fixed exchange rate, which further intensifies the competitive pressure on other exporters. The model predicts that certain conditions are necessary to facilitate this 'China explanation' for falling pass-through, including a 'North America bias' in U.S. preferences. The model also produces a log-linear structural equation for pass-through regressions indicating how to include the China share. Panel regressions over 1993-1999 support the prediction that a high China share in imports lowers pass-through to U.S. import prices. |
| 主题 | International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w13620 |
| 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/571303 |
| 推荐引用方式 GB/T 7714 | Paul R. Bergin,Robert C. Feenstra. Pass-through of Exchange Rates and Competition Between Floaters and Fixers. 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 | ||
| w13620.pdf（263KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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