Importers, Exporters, and Exchange Rate Disconnect

• 成果类型: Article
• 署名作者: Amiti, Mary; Itskhoki, Oleg; Konings, Jozef
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - New York; Princeton University; KU Leuven; University of Ljubljana; University of Ljubljana
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.104.7.1942
• 发表日期: 2014
• 页码: 1942-1978
• 关键词: pricing-to-market; rate pass-through; STRUCTURAL APPROACH; TRADE; inputs; PRODUCTIVITY; adjustment; search; COSTS; FIRMS

摘要

Large exporters are simultaneously large importers. We show that this pattern is key to understanding low aggregate exchange rate pass-through as well as the variation in pass-through across exporters. We develop a theoretical framework with variable markups and imported inputs, which predicts that firms with high import shares and high market shares have low exchange rate pass-through. We test and quantify the theoretical mechanism using Belgian firm-product-level data on imports and exports. Small nonimporting firms have nearly complete pass-through, while large import-intensive exporters have pass-through around 50 percent, with the marginal cost and markup channels contributing roughly equally.