Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation

• 成果类型: Article
• 署名作者: Auer, Raphael; Burstein, Ariel; Lein, Sarah M.
• 署名单位: Bank for International Settlements (BIS); Centre for Economic Policy Research - UK; University of California System; University of California Los Angeles; University of Basel
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20181415
• 发表日期: 2021
• 页码: 652-686
• 关键词: trade; search

摘要

We dissect the impact of a large and sudden exchange rate appreciation on Swiss border import prices, retail prices, and consumer expenditures on domestic and imported nondurable goods, following the removal of the EUR/CHF floor in January 2015. Cross-sectional variation in border price changes by currency of invoicing carries over to consumer prices and allocations, impacting retail prices of imports and competing domestic goods, as well as import expenditures. We provide measures of the sensitivity of retail import prices to border prices and the sensitivity of import shares to relative prices, which is higher when using retail prices than border prices.