THE SPEED OF EXCHANGE RATE PASS-THROUGH

• 成果类型: Article
• 署名作者: Bonadio, Barthelemy; Fischer, Andreas M.; Saure, Philip
• 署名单位: University of Michigan System; University of Michigan; Swiss National Bank (SNB); Johannes Gutenberg University of Mainz
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvz007
• 发表日期: 2020
• 页码: 506-538
• 关键词: currency denomination; TRADE; QUALITY; CHOICE; MARKET; COSTS; exporters; facts

摘要

On January 15, 2015, the Swiss National Bank discontinued its minimum exchange rate policy of 1 euro against 1.2 Swiss francs. This policy change resulted in a sharp, unanticipated, and permanent appreciation of the Swiss franc by more than 11% against the euro. We analyze the pass-through of this unusually clean exchange rate shock into import unit values at the daily frequency using Swiss transaction-level trade data. Our key findings are twofold. First, for goods invoiced in euros, the pass-through is immediate and complete. Second, for goods invoiced in Swiss francs, the pass-through is partial and exceptionally fast: beginning on the second working day after the exchange rate shock, the medium-run pass-through is reached after 12 working days.