Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation
Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation
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DOI：
10.1257/aer.20181415
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发表时间：
2021-02-01
影响因子：
10.7
通讯作者：
Lein, Sarah M.
中科院分区：
文献类型：
--
作者：
Auer, Raphael;Burstein, Ariel;Lein, Sarah M.
我们剖析了 2015 年 1 月取消欧元/瑞郎下限后，汇率大幅突然升值对瑞士边境进口价格、零售价格以及国内和进口非耐用品消费者支出的影响。按计价货币划分的边境价格变化的横截面变化会影响消费者价格和分配，影响进口和国内竞争商品的零售价格以及进口支出。我们提供了零售进口价格对边境价格的敏感性以及进口份额对相对价格的敏感性的衡量标准，使用零售价格时，其敏感性高于边境价格。
We dissect the impact of a large and sudden exchange rate appreciation on Swiss border import prices, retail prices, and consumer expenditures on domestic and imported nondurable goods, following the removal of the EUR/CHF floor in January 2015. Cross-sectional variation in border price changes by currency of invoicing carries over to consumer prices and allocations, impacting retail prices of imports and competing domestic goods, as well as import expenditures. We provide measures of the sensitivity of retail import prices to border prices and the sensitivity of import shares to relative prices, which is higher when using retail prices than border prices.