Exposure and Markups
研究如何正确设定和检验影响汇率暴露的因素，基于1979-1995年美国制造业数据，发现行业竞争结构、出口份额和进口投入份额显著影响汇率暴露，且加成定价与汇率暴露负相关。
This article examines how to properly specify and test for factors that affect exchange-rate exposure. Starting from theoretical underpinnings and a sample of U.S. manufacturing industries between 1979 and 1995, we find that 4 of 18 industry groups are significantly exposed to exchange-rate movements through the effect of industry competitive structure, export share, and imported input share. On average, a 1% appreciation of the dollar decreases the return of the average industry by 0.13%. Consistent with our model's predictions, as an industry's markups fall (rise), its exchange-rate exposure increases (decreases).