Exchange Rate Pass-Through When Market Share Matters
Exchange Rate Pass-Through When Market Share Matters
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DOI：
10.3386/w2542
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发表时间：
1988-03
期刊：
影响因子：
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通讯作者：
Kenneth A. Froot;P. Klemperer
中科院分区：
文献类型：
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作者：
Kenneth A. Froot;P. Klemperer
我们研究了在汇率变化的情况下，企业的未来需求取决于他们目前的市场份额的定价市场。我们发现：i）利润最大化的外国公司可能会提高或降低其本国货币的出口价格时，国内汇率升值暂时（即汇率变动对进口价格的“传递”可能是不正当的）; ii）当前进口价格对预期未来汇率的敏感度可能高于对当前汇率的敏感度; iii）现时进口价格下跌是对未来汇率不明朗因素增加的反应。我们提出的证据表明，预期的未来汇率的行为可能会提供一个线索，在20世纪80年代的美国进口价格的令人费解的行为。
We investigate pricing to market when the exchange rate changes in cases where firms' future demands depend on their current market shares. We show that i) profit maximizing foreign firms may either raise or lower their domestic currency export prices when the domestic exchange rate appreciates temporarily (i.e. the "pass-through" from exchange rate changes to import prices may be perverse); ii) current import prices may be more sensitive to the expected future exchange rate than to the current exchange rate; iii) current import prices fall in response to an increase in uncertainty about the future exchange rate. We present evidence that suggests the behavior of expected future exchange rates may provide a clue to the puzzling behavior of U.S. import prices during the 1980s.