Pass‐Through of Exchange Rates and Competition between Floaters and Fixers
研究美国从中国等固定汇率国家进口份额上升如何导致汇率变动对进口价格传导率下降，理论模型通过加价变化解释，面板数据表明该因素可解释美国传导率下降的一半。
This paper studies how a rise in the share of U.S. imports from China, or any country with a fixed exchange rate, can explain a disproportionate fall in exchange rate pass‐through to U.S. import prices. A theoretical model provides an explanation working through changes in markups, showing that a particular “local bias” condition is necessary and that free entry amplifies the effect. The model produces a structural equation for pass‐through regressions including the China share; panel regressions over 1993–2006 indicate that the rising share of trade from China or other exchange rate fixers can explain as much as one‐half of the observed decline in pass‐through for the United States.