Currency Choice and Exchange Rate Pass-Through

被引：251

作者：

Gopinath, Gita ^{[1
,2
]}

Itskhoki, Oleg ^{[3
]}

Rigobon, Roberto ^{[4
]}

机构：

[1] Harvard Univ, Dept Econ, Cambridge, MA 02138 USA

[2] Natl Bur Econ Res, Cambridge, MA 02138 USA

[3] Princeton Univ, Dept Econ, Princeton, NJ 08544 USA

[4] MIT, Sloan Sch Management, Cambridge, MA 02142 USA

来源：

AMERICAN ECONOMIC REVIEW | 2010年 / 100卷 / 01期

基金：

美国国家科学基金会;

关键词：

PRICING-TO-MARKET; INTERNATIONAL-TRADE; RATE DYNAMICS; PRICES; POLICY; COSTS; MODEL; SET;

D O I：

10.1257/aer.100.1.304

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We show, using novel data on currency and prices for US imports, that even conditional on a price change, there is a large difference in the exchange rate pass-through of the average good priced in dollars (25 percent) versus nondollars (95 percent). We document this to be the case across countries and within disaggregated sectors. This finding contradicts the assumption in an important class of models that the currency of pricing is exogenous. We present a model of endogenous currency choice in a dynamic price setting environment and show that the predictions of the model are strongly supported by the data.

引用

页码：304 / 336

页数：33

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