LOCAL VERSUS PRODUCER CURRENCY PRICING: EVIDENCE FROM DISAGGREGATED DATA*
利用欧元引入作为自然实验，发现欧元区成员国进口价格年际波动平均下降4%，且降幅与汇率波动降幅相当；但出口价格波动未受影响，支持生产者货币定价假说。
The pricing behavior of firms is a central issue in international macroeconomics. Using the introduction of the euro as a natural experiment I find that year‐to‐year volatility in import prices among Eurozone members diminished by 4% on average after the introduction of the euro. Additionally, I show that the magnitude of the drop was commensurate with the drop in exchange rate volatility. On the other hand, when looking at exports, I find that the introduction of the euro had no impact on export price volatility. The results support the hypothesis of producer currency pricing.