Exchange Rates and Import Prices in the United States: A Varying-Parameter Estimation of Exchange-Rate Pass-Through
用变参数模型估计美国进口价格函数，发现1970年代初浮动汇率制以来，短期非石油进口价格对汇率变化的反应弱于对外国成本变化的反应，且加价随美元涨跌而升降，证实了“按市场定价”现象。
This article estimates the import-price function in the United States using a varying-parameter model. The results show that the short-run nonoil import-price changes have become relatively less responsive to exchange-rate changes than to foreign-cost changes since the generalized floating began in the early 1970s. Concomitantly, the markup has varied significantly, falling when the dollar fell and rising when it rose. Thus "pricing to market" is confirmed even for overall U.S. imports.