Why Do Consumer Prices React Less than Import Prices to Exchange Rates?
提出一个基于企业最优定价策略的补充解释，说明为何汇率变动对消费者价格的影响远小于对进口价格的影响。模型显示，当国内企业面临来自非贸易品部门的激烈竞争时，它们倾向于用本币定价，而出口企业则用出口国货币定价，导致进口价格完全传导而消费者价格零传导。
It is well-known that the extent of pass-through of exchange rate changes to consumer prices is much lower than to import prices. One explanation is local distribution costs. Here we consider an alternative, complementary, explanation based on the optimal pricing strategies of firms. We consider a model where foreign exporting firms sell intermediate goods to domestic firms. Domestic firms assemble the imported intermediate goods and sell final goods to consumers. When domestic firms face significant competition from other domestic final goods producing sectors (e.g., the non-trade goods sector) we show that they prefer to price in domestic currency, while exporting firms tend to price in the exporter's currency. In that case the pass-through to import prices is complete, while the pass-through to consumer prices is zero.