Exchange Rates and Firm Behavior

该项目的狭隘目标是记录小型开放经济体中的出口商和潜在出口商如何应对汇率变化。该项目将探讨企业在房屋销售与出口定价以及国内和出口市场的参与和销售方面的反应。该项目将利用独特的专有数据集，将爱尔兰（小型开放经济体）的工厂普查与用于构建生产者价格指数的价格调查相结合。该项目的第一阶段涉及合并和清理数据。该项目的第二阶段调查市场定价的程度和性质以及特定出口商群体中价格粘性的重要性。初步结果表明，汇率变化缓慢传导至进口价格。鉴于有证据表明在更高的聚合水平上传递速度更快，这表明产品和出口商的进入和退出对于了解实际汇率变动可能至关重要。该项目的第三阶段研究国内和出口市场的参与和销售对汇率变动的反应。 智力价值：该项目的新颖性在于数据集的独特特征。为了识别市场定价和定价行为，我们知道我们关注的产品是实际交易的，而不是潜在交易的。我们从生产商的角度衡量国内和出口市场的价格，并且可以确定我们正在比较同一工厂生产的产品的价格。这为我们提供了一个清晰的识别策略。相对于出口商对汇率变化的进入、退出和数量反应的其他工作，我们可以获得一些出口目的地的全部植物群体的销售面板数据，而不仅仅是大型植物的样本。 更广泛的影响：该项目更广泛的目标是了解宏观层面实际汇率行为背后的微观经济相互作用。这里描述的项目的结果将有助于我们理解汇率变化对进口价格的传导以及进口行为的同步动态，它们构成了货币和汇率政策的重要传导渠道。目前的项目并不关注美国，而是关注小型开放经济体（爱尔兰）的出口商向较大经济体（英国）出口的情况。这个案例对于理解为什么美元贬值似乎对近期进口价格和总体进口影响不大特别相关，因为在美国市场销售的外国公司的竞争地位可能与数据中的公司非常相似。

The narrow goal of this project is to document how exporters and potential exporters in a small open economy respond to exchange rate changes. The project will explore firms' responses both in terms of pricing of home sales versus exports, and in terms of participation and sales in domestic and export markets. The project will make use of a unique proprietary data set that merges the plant census for Ireland (a small open economy) with the survey of prices used to construct the producer price index. The first stage of the project involves merging and cleaning the data. The second stage of the project investigates the extent and nature of pricing-to-market and the significance of price stickiness among a particular group of exporters. Preliminary results are suggestive of slow passthrough of exchange rate changes into import prices. Given evidence of more rapid passthrough at higher levels of aggregation, this suggests that entry and exit of products and exporters may be crucial to understanding real exchange rate movements. The third stage of the project investigates the response of participation and sales in home and export markets to movements in exchange rates.Intellectual merit: The novelty of this project lies in the unique features of the data set. For the purpose of identifying pricing-to-market and pricing behavior, we know that the products we focus on are actually traded, rather than potentially traded. We measure prices in home and export markets from the producer’s perspective, and we can be certain that we are comparing prices for products produced in the same plant. This gives us a clean identification strategy. Relative to other work on entry, exit and quantity responses of exporters to exchange rate changes, we have access to panel data on sales to some export destinations for the full population of plants rather than just a sample of larger plants.Broader impacts: The broader objective of the project is to understand the microeconomic interactions that underly the behavior of real exchange rates at the macro level. The results of the project described here will contribute to our understanding of passthrough of exchange rate changes into import prices and the simultaneous dynamics of import behavior, which form an important transmission channel of monetary and exchange rate policy. The project at hand does not focus on the US, but on the case of exporters in a small open economy (Ireland) exporting to a bigger economy (the UK). This case is particularly relevant to understanding why depreciation of the dollar has seemed to have little impact on import prices and overall imports in recent times, because the competitive position of foreign firms selling in the US market is likely to be very comparable to that of the firms in the data