Pricing-to-Market: Evidence From Plant-Level Prices
利用爱尔兰工厂层面的价格数据，研究制造业企业在不同市场（爱尔兰与英国）的定价行为，发现当价格以当地货币计价且发生变化时，外国市场相对于国内市场的加价比率会随本币贬值而等比例上升，随本币升值而等比例下降。
We use micro data on Irish producer prices to provide clean evidence on pricing-to-market across a broad range of manufacturing sectors. We have monthly observations on prices charged by the same plant for the same product to buyers in Ireland and the UK, two markets segmented by variable exchange rates. Assuming that relative marginal cost is constant across markets within a plant and a product, this allows us to observe the behaviour of the markup in the UK market relative to the home market. To identify pricing-to-market that goes beyond what is mechanically due to price stickiness, we condition on episodes where prices change. When prices are invoiced in local currency, conditional on prices changing, the ratio of the markup in the foreign market to the markup in the home market increases one-for-one with depreciations of home against foreign currency and decreases one-for-one with appreciations of home against foreign currency, a very particular form of pricing-to-market.