Importers, Exporters, and Exchange Rate Disconnect
研究发现大型出口商同时是大型进口商，这一特征解释了低汇率传递率以及不同出口商之间的传递差异。利用比利时企业产品层面数据，小非进口企业传递率接近完全，而大型进口密集型出口商传递率约50%。
Large exporters are simultaneously large importers. We show that this pattern is key to understanding low aggregate exchange rate pass-through as well as the variation in pass-through across exporters. We develop a theoretical framework with variable markups and imported inputs, which predicts that firms with high import shares and high market shares have low exchange rate pass-through. We test and quantify the theoretical mechanism using Belgian firm-product-level data on imports and exports. Small nonimporting firms have nearly complete pass-through, while large import-intensive exporters have pass-through around 50 percent, with the marginal cost and markup channels contributing roughly equally.