Pass‐through of exchange rates and tariffs in Greek‐US tobacco trade
研究了汇率和关税变化如何传导到美国进口希腊未加工东方烟草的价格中，发现传导不完全，可能原因包括烟草出口的寡头垄断和农业政策中的汇率溢价。
Abstract The paper examines the extent to which exchange rate and unit tariff changes are passed‐through in US import prices ot unmanufactured Greek oriental tobacco. The results indicate partial pass‐through of exchange rates and tariffs. Exchange rate pass‐through is about 0.272 and tariff pass‐through about 0.185. One possible reason for the partial pass‐through is oligopoly in tobacco exporting. Oligopoly would imply that depreciation of the drachma relative to the US dollar benefits tobacco exporters operating in Greece. A second possible reason is a possible correlation between exchange rates premiums paid to tobacco exporters in previous agricultural policies. An important implication ot this possible correlation is that Greek tobacco prices may be more sensitive lo exchange rate changes under the current agricultural policy.