International Prices, Costs, and Markup Differences
利用美加连锁超市的产品级数据，分解跨境零售价格变动为相对成本和加成成分，发现名义与实际汇率高度相关主要由成本变化驱动，且国界导致市场分割，价格在边境有24%的中位数跳跃。
Relative cross-border retail prices, in a common currency, comove closely with the nominal exchange rate. Using product-level prices and wholesale costs from a grocery chain operating in the United States and Canada, we decompose this variation into relative costs and markup components. The high correlation of nominal and real exchange rates is driven mainly by changes in relative costs. National borders segment markets. Retail prices respond to changes in costs in neighboring stores within the same country but not across the border. Prices have a median discontinuous change of 24 percent at the border and 0 percent at state boundaries.