Flexible Exchange Rates and Commodity Price Changes: The Case of Japan
研究美国对日本出口的五种商品在1970年代和1980年代的价格与汇率调整，发现1970年代价格灵活，1980年代美元升值时价格粘性导致汇率传递不对称。
Abstract Although agricultural commodities are often assumed to have flexible prices, little has been done to estimate exchange rate pass‐through. Perfect commodity arbitrage opportunities imply complete pass‐through; imperfect opportunities could lead to incomplete pass‐through. Analysis of commodity price and exchange rate adjustments for five commodities exported to Japan by the United States reveals that during the 1970s, commodity prices were generally flexible. During the 1980s, when the dollar was rising, price stickiness on the part of exporters/importers contributed to inflexible prices and asymmetric exchange rate response. Specifically, an exchange rate increase was passed through for some commodities but not a decline.