Markets and Markups: A New Empirical Framework and Evidence on Exporters from China
Markets and Markups: A New Empirical Framework and Evidence on Exporters from China
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DOI：
10.17863/cam.21789
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发表时间：
2018-02
期刊：
影响因子：
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通讯作者：
G. Corsetti;Meredith A. Crowley;Lu Han;Huasheng Song
中科院分区：
文献类型：
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作者：
G. Corsetti;Meredith A. Crowley;Lu Han;Huasheng Song
我们开发了一个新的实证框架来分析出口商对双边汇率的目的地特定的加价和数量调整。该框架提供了两项方法创新。首先，我们开发了一个无偏估计的加价弹性，正确地隔离在大型不平衡面板的边际成本，由公司提供服务的市场随货币波动内生变化。其次，我们利用中国语言学，处理记录在中国习俗表格中的字符，以建立一个新颖的，通用的，区分高低差异化商品的产品分类|我们可以用它来代表出口商的市场支配力。将这一框架应用于2000-2014年中国出口商，我们记录了不同产品类别和企业类型的特定目的地加价弹性的实质性异质性。在价格变化的条件下，高度差异化的消费品的平均加价弹性为32%;加价调整解释了这些商品进口价格的四分之三不完全传递。相比之下，低差异化中间产品的平均值仅为5%，这表明这些产品的定价取决于全球经济状况，而不是当地经济状况。国有企业和外商投资企业的加价弹性都高于民营企业，而民营企业在我们的样本中平均都奉行积极的竞争战略。
We develop a new empirical framework to analyse destination-specific markup and quantity adjustments to bilateral exchange rates by exporters. The framework offers two methodological innovations. First, we develop an unbiased estimator of the markup elasticity that correctly isolates marginal costs in large unbalanced panels where the set of markets served by firms varies endogenously with currency movements. Second, we exploit Chinese linguistics to process characters recorded in Chinese custom forms to build a novel, general, product classification distinguishing high and low differentiation goods|which we can use to proxy for exporters' market power. Applying this framework to exporters from China over 2000-2014, we document substantial heterogeneity in destination-specific markup elasticities across product classes and firm types. Conditional on a price change, the average markup elasticity for highly differentiated consumption goods is 32%; markup adjustments explain three quarters of incomplete pass through into import prices for these goods. In contrast, the average for low-differentiation intermediates is only 5%, suggesting that pricing for these goods responds to global, rather than local, economic conditions. Markup elasticities are higher for both state-owned and foreign-invested enterprises than for private enterprises, which, on average, pursue aggressively competitive strategies throughout our sample.