The Speed of Exchange Rate Pass-Through
The Speed of Exchange Rate Pass-Through
复制标题
汇率传导速度
DOI：
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发表时间：
2016
影响因子：
3.6
通讯作者：
Philip Sauré
中科院分区：
文献类型：
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作者：
B. Bonadio;Andreas M. Fischer;Philip Sauré
2015年1月15日，瑞士国家银行取消了1欧元兑1.2瑞士法郎的最低汇率政策。这一政策变化导致瑞士法郎对欧元的急剧、意外和永久性升值超过11%。我们使用瑞士交易层面的贸易数据，以每日频率分析这种异常干净的汇率冲击对进口单位价值的传递。我们的主要发现有两个方面。首先，对于以欧元开具发票的货物，转移是立即和完整的。第二，对于以瑞士法郎计价的货物，传递是部分的，而且速度非常快：从汇率冲击后的第二个工作日开始，12个工作日后达到中等传递。
On January 15, 2015, the Swiss National Bank discontinued its minimum exchange rate policy of 1 euro against 1.2 Swiss francs. This policy change resulted in a sharp, unanticipated, and permanent appreciation of the Swiss franc by more than 11% against the euro. We analyze the pass-through of this unusually clean exchange rate shock into import unit values at the daily frequency using Swiss transaction-level trade data. Our key findings are twofold. First, for goods invoiced in euros, the pass-through is immediate and complete. Second, for goods invoiced in Swiss francs, the pass-through is partial and exceptionally fast: beginning on the second working day after the exchange rate shock, the medium-run pass-through is reached after 12 working days.