Exchange Rates and Firm Behavior

汇率和企业行为

• 批准号: 0921748
• 负责人: Doireann Fitzgerald
• 金额: $ 29.87万
• 依托单位: Stanford University
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 2009
• 资助国家: 美国
• 起止时间: 2009-09-01 至 2014-07-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0921748&HistoricalAwards=false
• 关键词: Exchange; Rates; Firm; Behavior

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

本项目的狭义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。该项目将探讨公司在国内销售与出口定价方面的反应，以及在国内和出口市场的参与和销售方面的反应。该项目将利用一个独特的专有数据集，将爱尔兰（一个小型开放经济体）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。项目的第一阶段涉及合并和清理数据。本项目第二阶段调查按市价定价的程度和性质以及某一特定出口商群体中价格粘性的重要性。初步结果表明，汇率变化对进口价格的影响缓慢。鉴于有证据表明，在较高的综合水平上，汇率的传递速度更快，这表明产品和出口商的进入和退出可能对理解真实的汇率变动至关重要。项目的第三阶段调查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：这个项目的新奇在于数据集的独特性。为了识别市场定价和定价行为，我们知道我们关注的产品实际上是交易的，而不是潜在的交易。我们从生产商的角度衡量国内和出口市场的价格，我们可以肯定，我们正在比较同一工厂生产的产品的价格。这给了我们一个清晰的识别策略。相对于其他关于出口商对汇率变化的进入、退出和数量反应的工作，我们可以获得工厂全体而不仅仅是大型工厂样本的一些出口目的地销售的面板数据。更广泛的影响：该项目更广泛的目标是了解宏观层面上真实的汇率行为背后的微观经济相互作用。本文所述的研究结果将有助于我们理解汇率变化对进口价格的传递以及进口行为的同步动态，这是货币政策和汇率政策的重要传导渠道。手头的项目并不关注美国，而是关注一个小型开放经济体（爱尔兰）的出口商向一个更大的经济体（英国）出口的情况。这一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。