Sticky Borders
Sticky Borders
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DOI：
10.3386/w12095
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发表时间：
2006-03
期刊：
影响因子：
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通讯作者：
G. Gopinath;R. Rigobón
中科院分区：
文献类型：
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作者：
G. Gopinath;R. Rigobón
贸易商品定价的粘性和货币性在国际宏观经济学中发挥着核心作用，但关于这些特征的实证证据严重有限。为了解决这个问题，我们使用了1994-2005年期间美国进出口价格的微观数据，并提出了四个主要结果：首先，以定价货币计算的进口（出口）价格持续时间的中位数为10.6（12.8）个月。其次，90%（97%）的进口（出口）是以美元计价的。因此，与标准模型假设相反，对美国来说，出口是生产者货币定价，进口是当地货币定价。三是进口价格刚性提高10个百分点，差别化价格刚性增强。第四，即使以价格变化为条件，汇率对美国进口价格的传导也很低，只有22%。
The stickiness and currency of pricing of traded goods play a central role in international macroeconomics, however empirical evidence on these features is seriously limited. To address this we use microdata on U.S. import and export prices at-the-dock for the period 1994-2005, and present four main results: First, the median price duration in the currency of pricing is 10.6 (12.8) months for imports (exports). Second, 90% (97%) of imports (exports) are priced in dollars. Consequently, contrary to standard modeling assumptions, for the U.S, there is producer currency pricing in exports and local currency pricing in imports. Third, import price rigidity has increased by 10 percentage points, with increasing rigidity in differentiated goods prices. Fourth, even conditioning on a price change, exchange rate pass-through into U.S. import prices is low, at 22%.