Investment in manufacturing, exchange rates and external exposure
提出一种新的外部敞口衡量方法，同时考虑出口销售和进口投入，并以此研究汇率与美国制造业投资的关系。发现低加成率行业投资受汇率影响大，高加成率行业则通过调整加成率吸收汇率波动。
This paper introduces a new measure of external exposure, which emphasizes exposure to external markets both through export sales and imported inputs into production, and uses this measure to explore the linkage between exchange rates and investment in US industry. On average, manufacturing sectors have evolved to being primarily import-exposed by the early 1980s. In low price-over-cost markup sectors, markups are relatively unresponsive to exchange rate changes, whereas sectoral investment patterns are strongly affected. By contrast, high markup industries absorb much of the exchange rate fluctuations in markups and pass relatively little through to real investment.