Exchange Rate Pass-Through in U.S. Manufacturing Industries
Exchange Rate Pass-Through in U.S. Manufacturing Industries
复制标题
美国制造业的汇率传导
DOI：
10.1162/003465397556430
复制
发表时间：
1997
影响因子：
8
通讯作者：
Jiawen Yang
中科院分区：
文献类型：
--
作者：
Jiawen Yang
本文研究了美国制造业的汇率传导及其横截面变化。通过一个修正的DixitStiglitz产品差异化模型，本文预测了传递率与产品差异化程度正相关，与边际成本相对于产出的弹性负相关。对传递弹性的经验估计表明，传递是不完整的，而且在不同行业之间存在差异。研究发现，传递程度与不同的产品差异化指标正相关，与边际成本弹性指标负相关。
This paper studies exchange rate pass-through in U.S. manufacturing industries and its cross-sectional variation. Through an adapted DixitStiglitz model of product differentiation, the paper predicts that pass-through is positively related to the degree of product differentiation and inversely related to the elasticity of marginal cost with respect to output. Empirical estimates of the pass-through elasticities show that pass-through is incomplete and varies across industries. The degree of pass-through is found to be positively correlated to different proxies for product differentiation, and negatively to a proxy for the elasticity of marginal cost.