Currency Choice and Exchange Rate Pass-Through
利用美国进口商品的新数据，发现即使价格变动，以美元计价商品的平均汇率传递率（25%）远低于非美元计价商品（95%），且这一现象在各国和细分行业中都存在，这与传统模型假设相悖。文章构建了内生货币选择模型，并得到数据支持。
We show, using novel data on currency and prices for US imports, that even conditional on a price change, there is a large difference in the exchange rate pass-through of the average good priced in dollars (25 percent) versus nondollars (95 percent). We document this to be the case across countries and within disaggregated sectors. This finding contradicts the assumption in an important class of models that the currency of pricing is exogenous. We present a model of endogenous currency choice in a dynamic price setting environment and show that the predictions of the model are strongly supported by the data.